ITEM TITLE:
Approval of the City's Property and Casualty Insurance Renewal
SUBMITTED BY: Brian Carlson, Finance Director
FISCAL NOTES:
Expenditure Required: $599,139. This figure spans two budget years, 2019-2020
Unencumbered Balance: $555,256, per adopted 2019 Budget
Funding Source: Pro-rated among funds and departments
RECOMMENDATION:
Approve insurance program renewal.
SUMMARY STATEMENT:
• The attached file reflects the City’s insurance renewal with AML-JIA.
• Workers Comp premiums are $9,000 over last year, but are approximately $10,000 below the 2019 budget. The increase tracks with increases to payroll, and will be audited prior to the end of the policy year to reconcile to actual payroll.
• The $40,000 increase to auto, marine, and property reflects increases to fleet, expanded assets and operations (harbor) and general inflationary increases on the replacement value of covered properties.
• Finance staff will return to Council with a 2019 budget resolution requesting an additional $20,000 (estimated) to cover unbudgeted increases.
• David Hale will be present by phone to field Council questions.
• Attachments (2): Premium Summary.pdf
City Insurance Proposal 2019-2020 REVISED.pdf