10.H.
City Council Meeting - FINAL
- Meeting Date:
- 05/19/2015
- From:
- Dean Coughenour, Assistant to City Manager - Risk Management
Information
TITLE:
Consideration and Approval of Contract: Approve the renewal of our Casualty insurance with Travelers Insurance and our Property coverage with AIG insurance at a total estimated annual cost of $875,000. (Renewal of Property and Casualty Insurance Contracts). This renewal is $30,000 less than last fiscal period and $350,000 less than budgeted for the 2013-2014 fiscal period. There is no change in deductible and no changes in carriers or coverage from last fiscal period.
RECOMMENDED ACTION:
-
Council approve the renewal of our Casualty insurance with Travelers Insurance and our Property coverage with AIG insurance at a total estimated annual cost of $875,000.
Executive Summary:
Approval of our Property and Casualty insurance programs at a savings of $30,000 for a total of $875,000. There are no changes in carriers, coverage or deductibles.
Financial Impact:
By renewing our Casualty coverage with Travelers insurance and our Property coverage with AIG the City will save an estimated annual premium expenditure of $30,000 over last fiscal period.
Connection to Council Goal and/or Regional Plan:
Effective governance.
Has There Been Previous Council Decision on This:
Council received a short briefing on the renewal of our Property and Casualty insurance programs during the three day budget retreat.
Options and Alternatives:
1) Approve
2) Reject and request quotes
3) Self insure our Property and Casualty programs
Community Involvement:
Inform
Attachments
No file(s) attached.