Submitted By: Chris Watt
presenter
Presentation By: Chris Watt
end
Department: Human Resources and Risk Management
STAFF RECOMMENDATION (Motion Ready):
title
Approve a three-year contract with Risk Management Associates, Inc. for insurance broker services for property and casualty insurance lines in the amount of $235,500
end
OCALA’S RELEVANT STRATEGIC GOALS:
Fiscally Sustainable.
PROOF OF PUBLICATION:
RFP Released to the Public: 05/09/2022; Selection Committee Meeting: 06/28/2022; Final Selection Committee Meeting: 07/18/2022
body
BACKGROUND:
The property and casualty insurance broker evaluates current insurance policies to determine if they are appropriate in terms of coverage, carrier, and price; solicits markets for competitive terms and conditions; makes recommendations concerning changes and additions to the terms, coverage, and coverage limits; and provides consulting services to determine appropriate exposure to risk retention and risk transfer. Property and casualty insurance lines of coverage include general liability, automotive liability, workers compensation, property and inland marine, public officials, cyber liability, aviation, crime, accidental death and dismemberment, pollution, liquor liability, fiduciary liability, firefighter cancer benefit, and surety bonds.
On May 9, 2022, the City issued Request for Proposals RSK/220392 (RFP) seeking qualified firms for the provision of property and casualty broker services. The City received three responsive proposals to the RFP. A Selection Committee was formed to review and score the proposals. Scoring by the Selection Committee resulted in the shortlisting of all three firms: Foundation Risk Partners, Corp., Risk Management Associates, Inc., and The Gehring Group, Inc. Each firm then made presentations to the Selection Committee and participated in a question-and-answer session thereafter. The Selection Committee scored each firm on weighted criteria which included:
Based on the independent scores and interview process, Risk Management Associates, Inc., received the highest rating at a 94.3/100 total point score.
Risk Management Associates, Inc., is the Selection Committee’s recommended property and casualty insurance broker for award.
The awarded contract will be for an initial term of three years, commencing January 1, 2023, and ending on December 31, 2026. The contract offers one (1) optional, three-year renewal term. The cost for services will not exceed $235,500 over the initial contract term.
FINDINGS AND CONCLUSIONS:
Staff agrees with the selection committee’s recommendation to award the contract to Risk Management Associates, Inc., and requests approval of the contract.
FISCAL IMPACT:
$78,500 annually is budgeted in account #626-099-999-590-81-31010.
PROCUREMENT REVIEW:
These services were procured in compliance with the City’s Procurement Policy.
LEGAL REVIEW:
The Agreement will be reviewed for form and legality by the City Attorney, Robert W. Batsel, Jr.
ALTERNATIVE:
Issue a new RFP.