CITY COUNCIL AGENDA ITEM
Memo Date: September 11, 2020
Agenda Date: September 23, 2020
Prepared By: Tammy B. Gemmati, PHR, Administrative Services Director
Through: Matthew Fuhrer, Interim 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, 2020 through September 30, 2021 with an estimated premium of $998,385 pending approval of the FY2021 budget...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, 2020. The Florida League of Cities has submitted a one-year renewal proposal for the same level of coverage, making the total renewal premium $998,385. This proposal represents an increase of $44,507 (4.7%) based on the FY2020 premium of $953,878.
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, the FMIT has superior financial stability (approx. $500 million in assets, $194 million in surplus, and $10 billion in total insured value according to FMIT report), premiums are competitive, and past claims service with the FMIT over the past 18 years 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 for Fiscal Year ...
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