Title
Resolution to Approve the Board of Insurance Administration's Recommendation to Approve a One-Year Renewal of an Auto Physical Damage Insurance Policy with Allianz.
Memorandum
This resolution requests the City Council's approval of a one-year renewal effective July 1, 2022 for an auto physical damage insurance policy with Allianz as recommended by the Board of Insurance Administration at its meeting on May 26, 2022. The estimated annual premium of $120,000 represents a five percent (5%) increase from the expiring policy and is subject to fleet changes. A standalone policy is necessary as the insurance market no longer offers bundled auto liability/physical damage policies on a completive basis. Quotes were requested from a number of carriers who could not match the coverages or premium in this renewal.
Staff
Prepared by: David McNulty, Deputy Treasurer
Reviewed by: Michael Pettigrew, City Treasurer
Reviewed by: Marti Praschan, CFO and Financial Services Area Administrator
Jennifer Richards, Assistant City Attorney
Approved by: Milton Dohoney Jr., City Administrator
Body
Whereas, The Board of Insurance Administration recommends approval of a one-year renewal with Allianz for an automobile physical damage insurance policy with an estimated annual premium of $120,000, subject to any fleet changes;
RESOLVED, That City Council approve a one-year renewal of an automobile physical liability insurance policy with Allianz effective July 1, 2022 through June 30, 2023 at an estimated annual premium of $120,000, subject to any fleet changes;
RESOLVED, That City Council authorize payment of the premiums for the policy from the Risk Fund;
RESOLVED, That the Mayor and City Clerk be authorized and directed to execute said Insurance renewal after approval as to substance by the City Administrator and approval as to form by the City Attorney; and
RESOLVED, That the City Administrator be authorized to take the necessary administrative actions to implement thi...
Click here for full text