ITEM TITLE:
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Approval of Renewal of the City's Property and Casualty Insurance Program for the 2016-2017 Insurance Year Effective July 1, 2016 in the Amount of $536,354
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SUBMITTED BY: Brian Carlson, Finance Director
FISCAL NOTES:
Expenditure Required: $536,354 ($268,177 in 2016)
Unencumbered Balance: n/a
Funding Source: pro-rated among departments
RECOMMENDATION:
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Approve the 2016-2017 proposal as presented.
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SUMMARY STATEMENT:
The attached premium summary shows a three-year history of the City’s coverage. The 2016-2017 renewal proposal includes an additional $5,363 premium for employee theft of money, securities, or property coverage, which the City has not previously purchased. Staff recommends inclusion of this coverage.
The City’s Broker, Hale and Associates, pursued an additional quote and proposal from Alaska Municipal League Joint Insurance Agency (AML / JIA). The Valdez Schools have renewed their AML / JIA policy.
The annual services agreement with Hale and Associates is a separate item on the July 5th agenda.
David Hale will join the July 5th meeting by telephone.