ITEM TITLE:
Approval of the City’s Annual Property and Casualty Insurance Renewal for the Period Beginning July 1, 2020
SUBMITTED BY: Brian Carlson, Finance Director
FISCAL NOTES:
Expenditure Required: $646,886; spanning two budget-years: 2020 and 2021
Unencumbered Balance: $649,000
Funding Source: pro-rated among multiple funds and all staffed departments
RECOMMENDATION:
Approve
SUMMARY STATEMENT:
The attached files reflect the City’s insurance renewal with AML-JIA, and its broker relationship with Hale and Associates.
The attached two-year agreement with Hale and Associates reflects an unchanged annual broker fee of $36,000.
Workers Comp premiums reflect a 2% increase of $4,300. Workers Comp premiums will be approximately $15K under budgeted 2020 premiums, barring any significant changes to final reported payroll figures.
Loss-control discounts are not reflected on the renewal summary, pending submission and review of additional loss-control data.
Staff will review 2020 actual vs budgeted costs in October and will draft a budget resolution if needed to allocate funds. Unencumbered funds are $12K below required expenditures.
Attachments (3): 2020-2021 Insurance Renewal Summary
2020-21 City of Valdez Proposal
City Broker Agreement 2020-22