TO: Mayor and Commissioners
FROM: Duane D'Andrea, Human Resources Director
THROUGH: Jennifer Alvarez, Interim City Manager
DATE: September 22, 2020
Title
FLORIDA MUNICIPAL INSURANCE TRUST (FMIT) FOR RENEWAL OF PROPERTY INSURANCE POLICY
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Recommended Action:
Recommendation
Motion to approve renewal of Property, Excess Liability and Excess Workers' Compensation Insurance from the Florida Municipal Trust Fund (FMIT) for $1,374,080 for the coverage period 10/1/2020 through 9/30/2021.
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Background:
The City of Delray Beach’s (City) broker, Relation, received price proposals for Property, Excess Liability, and Excess Workers' Compensation insurance for the City for the coverage period of 10/1/2020 through 9/30/2021. Based on the various quote options, the Broker and City Staff concur that the most cost effective and service driven program is the FMIT option for all insurance lines. This year’s proposal quotation is for $1,374,080, which represents an increase of $105,424 (8.3%) from last year’s approved premium. This increase is due largely from the effects of COVID-19, the Train Depot Fire, and the purchase of additional new vehicles. Another factor is that the Total Insured Value for City properties increased as well. A Return of Investment (ROI) that FMIT provides to members of the pool is through their Synergy Program. The City receives disaster recovery assistance in coordination with the City’s Emergency Team during emergency weather related situations such as hurricane, floods, and other perils at no additional cost to the City. Staff has budgeted $1,374,080 for Fiscal Year 2021. Therefore, staff is requesting the City Commission to approve the renewal purchase of Property, Excess Liability and Excess Workers' Compensation Insurance from the Florida Municipal Trust Fund (FMIT) for $1,374,080 for the coverage period 10/1/2020 through 9/30/2021.
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