Submitted By: Devan Kikendall
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Presentation By: Devan Kikendall
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Department: Human Resources and Risk Management
STAFF RECOMMENDATION (Motion Ready):
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Approve the Fiscal Year 2023-2024 property, casualty, liability, and workers' compensation insurance premiums and authorize the HR/Risk Management Director to execute the corresponding insurance policy applications with a projected expenditure of $2,676,385
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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 insurances as shown 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 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 9/30/2023 and are the recommendations for renewal For Fiscal Year 2023-2024.
Property
Carrier: Preferred Government Insurance Trust (PGIT) | Premium: $1,660,712. This policy provides protection for physical and permanent structures and their associated indoor and outdoor contents within 1,000 feet. Claims are paid out on an agreed value (replacement cost - $25,000 self-insured retention (SIR)).
Inland Marine
Carrier: Preferred Government Insurance Trust (PGIT) | Premium: $29,863. This policy provides physical damage coverage for mobile equipment (e.g., backhoe) valued at over $25,000 ($25,000 SIR) that is paid out on an agreed value (p...
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