Submitted By: Chris Watt
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Presentation By: Chris Watt
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Department: Human Resources and Risk Management
STAFF RECOMMENDATION (Motion Ready):
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Approve the fiscal year 2023 property, casualty, liability, and workers compensation insurance premiums and authorize the Interim Chief of Staff to execute the corresponding insurance policy applications with a projected expenditure of $1,827,215
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OCALA'S RELEVANT STRATEGIC GOALS:
Fiscally Sustainable.
PROOF OF PUBLICATION:
N/A
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BACKGROUND:
The Human Resources and Risk Management Department works with its broker, Risk Management Associates, Inc. (RMA), a wholly owned subsidiary of Brown & Brown, to solicit premium renewals for the City's property, general liability, automobile, workers' compensation, and other miscellaneous excess employer insurances as shown below and on the attached spreadsheet. Our broker negotiates with our current carriers and evaluates other competitive carriers. RMA has reviewed alternative competitive policies and the most cost-effective and comprehensive policies are recommended for purchase. Our rates and premiums are compared with other similar cities and counties in Florida to ensure we are receiving the most competitive rates available.
FINDINGS AND CONCLUSIONS:
The following agreements and/or renewals are for the policies set to expire on 9/30/22 and are the recommendations for renewal for 2022/2023.
Public Officials' Liability
Carrier: ACE American Insurance Company | Premium: $88,299 (14.56% increase). This policy provides for Public Officials Liability and for Employment Practices Liability with a limit of $1,000,000 and self-insured retention (SIR) of $150,000.
Fiduciary Liability
Carrier: Hudson Insurance Company | Premium: $15,793 (4.79% increase). This policy provides a limit of $1,000,000 in coverage for each Pension Board: Fire ($5,000 SIR), Police ($5,000 SIR), and General Employees ($10,000 SIR).
Liquor Liability
Carrier: Mt. Verno...
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