CITY COUNCIL AGENDA ITEM
Memo Date: August 14, 2024
Agenda Date: September 10, 2024
Prepared By: Tammy Gemmati, Administrative Services Director
Through: Stockton Whitten, City Manager
Requested Action:
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Approve a one-year policy renewal for the General Insurance Program with Florida League of Cities, Inc., for the period October 1, 2024 through September 30, 2025 with an estimated premium of $2,175,789 pending approval of the FY2025 budget. Approve a resolution to waive competitive bidding. Authorize the City Manager to execute the agreement, if necessary...End
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BACKGROUND:
The City has been insured with Florida League of Cities' Florida Municipal Insurance Trust since October 1, 2001. The current policy covering general liability, automobile, and property coverage expires September 30, 2024. The Florida League of Cities has submitted a one-year renewal proposal, making the total renewal premium $2,175,690. This proposal represents an overall increase of $511,504 (31%) based on the FY2024 premium of $1,664,285. There has been a significant increase in the insured property asset values which is the largest impact to the renewal.
Under the Finance Operations Manual, Section 12.2 Purchasing Procedures, the City Council may determine exceptions to competitive sealed bidding, under particular circumstances, if such exception is deemed in the best interests of the City and authorized by law. City Staff recommends to waive competitive bidding for this purchase so the City can remain a member of the FMIT for an additional year. The additional services and offers of coverage and services received from FMIT are not offered by other carriers as more fully explained below, premiums are competitive, and past claims service with the FMIT has been excellent. In sum, City staff does not believe it is in the City's best interest to leave FMIT.
At the regular City Council Meeting on September 10, 2014, as part of the General Insurance Program renewal f...
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