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<br />Preview <br /> <br />Page 1 of2 <br /> <br /> <br />City of Sunny Isles Beach <br />18070 Collins Avenue <br />Sunny Isles Beach, Florida 33160 <br /> <br />(305) 947-0606 City Hall <br />(305) 949-3113 Fax <br /> <br />MEMORANDUM <br /> <br />TO: <br /> <br />The Honorable Mayor and City Commission <br /> <br />FROM: <br /> <br />Doug Haag, Assistant City Manager-Finance <br /> <br />DATE: <br /> <br />9/17/2009 <br /> <br />RE: <br /> <br />RENEWAL OF WORKERS COMPENSA nON INSURANCE POLICY <br /> <br />RECOMMENDA TION: <br /> <br />Approve the attached resolution to renew the City's Workers Compensation insurance with the <br />Florida Municipal Insurance Trust (FMIT) for the policy period of October 1, 2009 - September <br />30,2010 in the amount of$134,932 <br /> <br />REASONS: <br /> <br />The renewal premium for workers compensation of $134,932 is $1,623 or 1.2% lower than last <br />years renewal premium of $136,555. This is exceptional considering that the City's covered <br />payroll increased by 11% (from $9,218,027 to $10,226,000) since last year. The reasons for the <br />significant reduction in premium are largely due to the city's favorable claims history. This is <br />reflected in the City's Experience Modification factor which decreased from .86 to .81. In <br />addition, there was also a rate decrease. <br /> <br />We also received a proposal from the Preferred Governmental Insurance Trust (PGIT) - the only <br />other licensed municipal insurance pool in the state. The total cost of a comparable 12. month <br />policy from PGIT is $186,302, a difference of $51,370. <br /> <br />Funding is provided in the FY 2009/10 budget. <br /> <br />ADDITIONAL INFORMATION: <br /> <br />The Florida League of Cities was originally created in 1922 with their original mission statement, <br />"to meet and serve the needs of Florida's municipal governments." Much has changed since then. <br />Addressing the concerns of our membership for affordable insurance, the Florida League of <br />Cities established its first insurance program in 1977, providing Workers' Compensation <br />coverage. Soon thereafter, Liability, Property, and Health insurance were added to the program. <br />The Public Risk Services Department, which is a full service operation for public entities and is <br />part of the Florida League of Cities, Inc. is the underwriting group that tailors customized <br />insurance services and products for the City. Their headquarters is located in Orlando and our <br /> <br />Agenda Item _10, 0 <br /> <br />http://sibagenda. sibfl.net/agenda/Preview.aspx?ItemID=7 6&MeetingID=O <br />Date <br /> <br />q-\i-()q <br />