TO: Mayor and City Commission
FROM: Douglas E. Smith, City Manager
DATE: September 16, 2015
Title
APPROVING RENEWAL OF INSURANCE COVERAGE FOR PROPERTY/INLAND MARINE, GENERAL LIABILITY, PUBLIC OFFICIALS/EMPLOYMENT PRACTICES LIABILITY, AND EQUIPMENT BREAKDOWN INSURANCE, WITH PUBLIC RISK INSURANCE AGENCY (PRIA), FROM OCTOBER 1, 2015 TO SEPTEMBER 30, 2016.
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BACKGROUND: Public Risk Insurance Agency (PRIA) is the current provider for the City's property/inland marine, general liability, public officials/employment practices liability, and equipment breakdown insurance. This agenda item and attached insurance proposal is for renewal of the insurance coverage from October 1, 2015 through September 30, 2016 (at a reduction from the current year's total premium).
RECOMMENDATION: For approval of a one-year coverage agreement.
FISCAL IMPACT:
Annual Premiums
Property / Inland Marine $ 178,648.00
General Liability $ 116,596.00
Public Officials / Employment Practices Liability $ 66,674.00
Equipment Breakdown $ 12,750.00
Deductibles
Property / Inland Marine
$5,000 per Occurrence - Buildings and Contents
5% of TIV per Occurrence / Per Location for "Named Storm" subject to minimum of $20,000 Per Occurrence. Location is defined by each itemized listing on the applicable schedule
$5,000 any one occurrence for Flood, except:
Excess of maximum NFIP available whether purchased or not or 5% of the TIV at each affected location whichever is greater for Zones A & V
$1,000 per Occurrence - Inland Marine
General Liability
$25,000 per Occurrence
Public Officials / Employment Practices Liability
Public Officials Liability $50,000 per Claim
Employment Practices Liability $50,000 per Claim
Media Content, Services, Network Security & Privacy Liability Same as Public Officials Liability Deductible
Equipment Breakdown
$5,000 except:
Turbines or Generators 10% of loss or $10,000 whichever is greater
Locations Cov...
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