Submitted By: Richard Dennis
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Presentation By: Todd Swanson
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Department: Human Resources and Risk Management
STAFF RECOMMENDATION (Motion Ready):
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Approve the Fiscal Year 2025-26 property, casualty, liability, and workers' compensation insurance premiums and authorize the Human Resources/Risk Management Director to execute the corresponding insurance policy applications with a projected expenditure of $2,642,504
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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 insurance broker, Brown and Brown, to solicit premium renewals for the City's property, general liability, automobile, workers' compensation, and other miscellaneous excess employer insurance policies, as listed below and on the attached spreadsheet. Our broker negotiates with our current carriers and evaluates other competitive carriers. Brown and Brown has reviewed alternative competitive policies, and the most cost-effective and comprehensive policies are recommended for purchase. Our rates and premiums are compared with similar cities and counties in Florida to ensure we receive the most competitive rates available.
FINDINGS AND CONCLUSIONS:
The following agreements and/or renewals are for policies set to expire on September 30, 2025, and are recommendations for the Fiscal Year 2025-26 renewal.
Property
Carrier: Preferred Government Insurance Trust (PGIT) | Premium: $1,340,624. This policy protects physical and permanent structures, as well as their associated indoor and outdoor contents, within a 1,000-foot radius. Claims are paid out on an agreed-upon value (replacement cost, minus a $25,000 deductible).
Inland Marine
Carrier: Preferred Government Insurance Trust (PGIT) | Premium: $33,454. This policy provides physical damage coverage for mobile equipment (e.g., backhoe) valued at over $25,000 ($25,000 deductible) that is paid out on a...
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