Laserfiche WebLink
9/102015 Item Cove/sheet <br /> sent?" is,�A City of Sunny Isles Beach <br /> t G;:. -r O, � 18070 Collins Avenue <br /> ); Sunny Isles Beach,Florida 33160 <br /> ��C. <br /> (305)947-0606 City Hall <br /> o + <br /> i.as • <br /> sus.'-•a (305)949-3773 Fax <br /> MEMORANDUM <br /> TO: The Honorable Mayor and City Commission <br /> VIA: Christopher J. Russo, City Manager <br /> FROM: Yael Y. Londono, HR&Risk Management Director <br /> DATE: 9/17/2015 <br /> Renewal of Property, Casualty,Auto, Workers Comp <br /> RE: Insurance with Brown & Brown/Preferred Government <br /> Insurance Trust(PGIT) <br /> RECOMMENDATION: <br /> It is recommended that the City Commission approve the attached <br /> resolution to renew the City's Property, Liability, Auto, and Workers <br /> Compensation insurance with the Preferred Government Insurance <br /> Trust (PGIT) and/or Brown & Brown Insurance for the period of <br /> October 1, 2015 through September 30, 2016 in an amount not to <br /> exceed S1,000,000.00. <br /> REASONS: <br /> The renewal premium for the Commercial Package Policy (Property, <br /> Liability, and Auto) and Workers Compensation is $874,173.50 which <br /> is about $13,000 less than last year (5887,103.30). Additionally, we <br /> have been issued a two year rate guarantee on the Commercial <br /> Package Policy. <br /> Additionally, staff is allocating $50,000 for deductibles and $75,826.50 <br /> for additional premiums expected upon the completion of capital <br /> projects such as Gateway Park, which will be added to the property <br /> insurance during the upcoming fiscal year. <br /> Staff worked closely with Brown & Brown (Robert Hollander)to review <br /> possible courses of action to reduce premiums to include increasing <br /> our deductibles in certain coverage and the feasibility of self-insurance <br /> in areas that we as a City have had good claims experience. Based on <br /> the available options, renewal with PGIT with the coverage and terms <br /> indicated is our best, most cost effective,option. <br /> In sum, staff recommends renewal of the Brown & Brown/Preferred <br /> Governmental Insurance Trust (PGIT)proposal for the Package Policy <br /> and Workers Compensation and miscellaneous insurances as <br /> attached. <br /> ADDITIONAL INFORMATION: <br /> The City currently has Commercial Insurance Package (Property, <br /> Casualty, and Auto) and Workers' Compensation insurance through <br /> PGIT which is a premier insurance organization for public entities and <br /> is a non-assessable Trust approved by the Florida State Legislature. <br /> The PGIT board of trustees has elected to purchase an extremely <br /> conservative excess of loss insurance structure which provides PGIT <br /> members several levels of protection that reinsurance does not. <br /> PGITs excess of loss policies list every individual member a named <br /> httpl/surryisles.novtsagenda.cam/agendaweb/CoverSheet.aspx?ItemID=1726 1/2 <br />