Title
Resolution to Approve Insurance Policy Renewal Agreement with AGCS Marine Insurance Company for Auto Physical Damage Coverage Effective July 1, 2026
Memorandum
This resolution seeks City Council approval of an insurance policy renewal for the following coverage effective July 1, 2026:
Auto Physical Damage Coverage through AGCS Marine Insurance Company. The proposal insures $29,793,154.00 in total vehicle values with a deductible of $25,000.00 per vehicle. The total premium is $138,750.00.
City staff recommends approval of the insurance policy renewal as proposed.
Staff
Prepared by: Michael J. Pettigrew, City Treasurer
Reviewed by: Marti Praschan, Financial Services Area Administrator and CFO
Jennifer Richards, Senior Assistant City Attorney
Approved by: Milton Dohoney Jr., City Administrator
Body
Whereas, The City’s Auto Physical Damage insurance policy is up for renewal effective July 1, 2026;
Whereas, The City’s insurance broker has obtained a renewal proposal from AGCS Marine Insurance Company for Auto Physical Damage coverage;
Whereas, The proposed Auto Physical Damage policy insures $29,793,154.00 in vehicle values with a $25,000.00 deductible per vehicle, and a total premium of $138,750.00; and
Whereas, City staff recommends acceptance of the proposal to maintain uninterrupted and comprehensive insurance coverage for City operations;
RESOLVED, That City Council approve the renewal of the Auto Physical Damage policy with AGCS Marine Insurance Company at a total premium of $138,750.00;
RESOLVED, That the premiums shall be paid from the Risk Fund; and
RESOLVED, That the City Administrator is authorized to take all necessary administrative actions to implement this resolution.