TO: Mayor and Commissioners
FROM: Laura Thezine, Acting Finance Director
Edward DeMicco, Risk Manager
THROUGH: Chief Neal de Jesus, Interim City Manager
DATE: September 26, 2017
Title
FLORIDA MUNICIPAL INSURANCE TRUST (FMIT) FOR RENEWAL OF PROPERTY INSURANCE POLICY
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Recommended Action:
Recommendation
Staff is requesting approval for purchase of Property Excess Liability and Excess Workers' Compensation Insurance from the Florida Municipal Trust Fund (FMIT) for $998,258 for the coverage period 10/1/2017 through 9/30/2018.
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Background:
The City's broker, Ascension, received price proposals for Property Excess Liability, and Excess Workers' Compensation insurance for coverage period 10/1/2017 through 9/30/18. Based on the various quote options, the Broker and Staff concur the most cost effective and service driven program is the FMIT option for all insurance lines. This years' proposal quotation is for $998,258, which represents a net savings of $41,061 or an approximate 4% decrease of last year's approved premium. Other Return of Investments that the FMIT provides is a "Return of Premium" benefit to members of the pool. This year the City will enjoy a $92,292 return of premium. Also, through FMIT's Synergy Program, the City receives disaster recovery assistance in coordination with the City's Emergency Manager during emergency weather related situations such as hurricane, floods and other perils at no additional cost to the City. Staff has budgeted $1,001,164 for Fiscal Year 2018. Therefore, staff is requesting the City Commission to approve the purchase of Property Excess Liability and Excess Workers' Compensation Insurance from the Florida Municipal Trust Fund (FMIT) for $998,258 for the coverage period 10/1/2017 through 9/30/2018.
City Attorney Review:
City Attorney recommends approval.
Finance Department Review:
Finance Department recommends approval.
Funding Source:
Funding is available from General Liability Account 55113040513...
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