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File #: 22-0389    Version: 1
Type: Unfinished Business Status: Passed
File created: 6/29/2022 In control: City Council
On agenda: 7/19/2022 Final action: 7/19/2022
Title: Approval of the City's Property and Casualty Insurance Broker Agreement. Postponed 070522.
Attachments: 1. City Broker Agreement ORIGINAL, 2. 2022-2023 Contract Extension Hale and Associates

ITEM TITLE: 

Approval of the City’s Property and Casualty Insurance Broker Agreement. Postponed 070522.

 

SUBMITTED BY: Jordan Nelson, Finance Director

 

FISCAL NOTES: 

Expenditure Required: $36,000

Unencumbered Balance: $36,000

Funding Source: Insurance Department; Professional Fees & Services, 001-5700-43200

 

RECOMMENDATION:

Approve Extension of contract.

SUMMARY STATEMENT:

Following postponement of this item and further review of the 2020/2022 contract with Hale and Associates it was discovered that the current contract allows for two annual extensions. Extension of this contract for a 1 year term will require council approval.

The annual broker fee of $36,000 will remain unchanged from the City’s previous two-year agreement with Hale and Associates which expired on 7/1.

Council will need to offer the following amendment:

AMENDMENT: Extend the 2020/2022 contract with Hale and Associates for a 1 year term in the amount of $36,000.