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RESOLUTION NO. 2011- llli.D A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF SUNNY ISLES BEACH, FLORIDA, RAFTIFYING AMENDING THE CITY'S COMMERCIAL PACKAGE POLICY INSURANCE COVERAGE PROVIDED BY PREFERRED GOVERNMENT INSURANCE TRUST (PGIT) FOR ADDITIONAL COVERAGE OF CITY PROPERTY INCLUDING HERITAGE PARK, IN AN AMOUNT NOT TO EXCEED FORTY -FOUR THOUSAND EIGHTY-ONE DOLLARS ($44,081.00), AS OUTLINED IN EXHIBIT "A"; APPROVING A BUDGET AMENDMENT TO FISCAL YEAR 2010-2011; AUTHORIZING THE CITY MANAGER TO DO ALL THINGS NECESSARY TO EFFECTUATE THIS RESOLUTION; PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the City of Sunny Isles Beach was in need of Property, Casualty, Auto, and Workers' Compensation Insurance; and WHEREAS, on September 16, 2010 via Resolution No. 2010-1602, the City Commission approved an Agreement with Preferred Governmental Insurance Trust (PGIT), with the renewal premium for the Commercial Package Policy (Property, Casualty, Auto) in the amount of Four Hundred Twenty-One Thousand One Hundred Seven Dollars ($421,107.00), and the premium for Workers' Compensation in the amount of Ninety-Nine Thousand Nine Hundred Eight Dollars ($99,908.00), for a total amount of Five Hundred Twenty-One Thousand Fifteen Dollars ($521,015.00), for a one-year period of October 1,2010 through September 30,2011; and WHEREAS, the City is now in need of additional insurance coverage for newly acquired property, equipment, and related items, most notably the Heritage Park; and WHEREAS, the City's Insurance Broker, Brown & Brown Insurance, Inc. has provided a proposal by Preferred Governmental Insurance Trust (PGIT), with the additional premium for the additional coverage in the amount of Forty-Four Thousand Eighty-One Dollars ($44,081.00), for a total amount of Five Hundred Sixty-Five Thousand Ninety-Six Dollars ($565,096.00), effective through September 30, 2011, as outlined in Exhibit "A", attached hereto; and WHEREAS, the City Commission has directed staff to provide for new and/or additional goods and services that were not contemplated in the approved Fiscal Year 2010/2011 Budget; and WHEREAS, the implementation of these new and/or additional goods and services requires certain budget amendments to the Fiscal Year 2010/2011 Budget. WHEREAS, the City of Sunny Isles Beach wishes to amend the Agreement with Preferred Government Insurance Trust (PGIT) for the additional coverage, in an amount not to exceed Forty-Four Thousand Eighty-One Dollars ($44,081.00). R2011- Pgit Insurance Amend Agmt (Property, Casualty, Auto, Workers Comp) Page 1 of2