Reso 2021-3227 - Laserfiche WebLink

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c,rx aF Sin n�4 City of Sunny Isles Beach 18070 Collins Avenue Sunny Isles Beach, Florida 33160 (305) 947-0606 City Hall (305) 949-3113 Fax MEMORANDUM TO: Honorable Mayor and City Commissioners VIA: Christopher J. Russo, City Manager FROM: Yael Y. Londono, HR & Risk Management Director DATE: September 14, 2021 RE: Renewal of Property, Casualty, Auto, Workers Comp Insurance with Brown & Brown/Preferred Government Insurance Trust (PGIT) RECOMMENDATION: Staff is recommending approval of this Resolution. REASONS: It is recommended that the City Commission approve the attached resolution to renew the City'E Property, Liability, Auto, and Workers Compensation insurance with the Preferred Government Insurance Trust (PGIT) and/or Brown & Brown Insurance for the period of October 1, 2021 throug September 30, 2022 in an amount not to exceed $1,600,000.00. The renewal premium for the Commercial Package Policy (Property, Liability, and Auto) and Workers Compensation is $1,532,957.00 which is $32,877 or 2.19% more than last year ($1,500,079.00). The contributing factor for the premium increase is due to claims, payroll and additional property. Additionally, staff is allocating $67,043.00 for deductibles and for additional premiums expected upon the completion of capital projects, which will be added to the property insurance during the upcoming fiscal year. Staff worked closely with Brown & Brown (Robert Hollander) to review possible courses of action to reduce premiums to include increasing our deductibles in certain coverage and the feasibility of self- insurance in areas that we as a City have had good claims experience. Based on the available options, renewal with PGIT with the coverage and terms indicated is our best, most cost effective, option. In sum, staff recommends renewal of the Brown & Brown/Preferred Governmental Insurance Trus- Item rus Item Number: 10.A