Submitted By: Todd Swanson
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Presentation By: Todd Swanson
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Department: Human Resources and Risk Management
FORMAL TITLE:
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First Amendment to renew the Agreement for Property and Casualty Insurance Broker Services between the City of Ocala and Risk Management Associates, Inc., for an additional three-year period with compensation not to exceed $235,500
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OCALA’S RELEVANT STRATEGIC GOALS:
Fiscally Sustainable and Operational Excellence
PROOF OF PUBLICATION:
N/A
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BACKGROUND:
On October 3, 2022, the City of Ocala entered into an Agreement for Property and Casualty Insurance Broker Services with Risk Management Associates, Inc., for an initial term of three years effective January 1, 2023, through December 31, 2025. The Agreement provides for one optional three-year renewal.
The First Amendment renews the Agreement for the available three-year renewal term beginning January 1, 2026, and ending December 31, 2028. Under the renewal, total compensation will not exceed $235,500, paid in equal quarterly installments of $19,625. This renewal aligns the contract with current invoice pricing and supports continuity of insurance brokerage services for property, casualty, and related risk programs.
FINDINGS AND CONCLUSIONS:
Risk Management Associates, Inc. provides brokerage and advisory services for the City’s property and casualty insurance portfolio, including market placement, renewals, and ongoing support for claims and coverage analysis. Renewing the agreement preserves continuity. Staff recommends approval.
FISCAL IMPACT:
The contract value for the renewal term is $235,500 (January 1, 2026, through December 31, 2028). Funding is included in the Risk Management operating budget in account 626-099-999-590-81-45010.
PROCUREMENT REVIEW:
These services were procured in compliance with the City’s Procurement Policy.
LEGAL REVIEW:
This Agreement will be reviewed and approved for form and legality by City Attorney William E. Sexton.
ALTERNATIVE:
• Approve with Changes
• Table
• Deny