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File #: 19-0275    Version: 1
Type: New Business Status: Passed
File created: 6/25/2019 In control: City Council
On agenda: 7/2/2019 Final action: 7/2/2019
Title: Approval of the City's Property and Casualty Insurance Renewal
Sponsors: City Council
Attachments: 1. Premium Summary, 2. City Insurance Proposal 2019-20 REVISED

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