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TO: <br />VIA: <br />FROM: <br />DATE: <br />RE: <br />City of Sunny Isles Beach <br />18070 Collins Avenue <br />Sunny Isles Beach, Florida 33160 <br />(305) 947-0606 City Hall <br />(305)949-3113 Fax <br />MEMORANDUM <br />Honorable Mayor and City Commissioners <br />Stan Morris, City Manager <br />Yael Y. Londono, HR & Risk Management Director <br />September 21, 2023 <br />Renewal of Property, Casualty, Auto, Workers Comp Insurance with Brown & <br />Brown/Preferred Government Insurance Trust (PGIT) <br />RECOMMENDATION: <br />Staff is recommending approval of this Resolution. <br />REASONS: <br />It is recommended that the City Commission approve the attached resolution to renew the City' <br />Property, Liability, Auto, and Workers Compensation insurance with the Preferred Governmeni <br />Insurance Trust (PGIT) and/or Brown & Brown Insurance for the period of October 1, 2023 throug <br />September 30, 2024 in an amount not to exceed $1,900,000.00. <br />The renewal premium for the Commercial Package Policy (Property, Liability, and Auto) and Workers <br />Compensation is $1,861,389.00 which is $132,115.50 or 7.64% more than last year ($1,729,273.50). <br />The contributing factor for the premium increase is due to claims, payroll and the addition of new <br />property and/or equipment. <br />Additionally, staff is allocating $38,611 for deductibles and for additional premiums expected upon <br />the completion of capital projects, which will be added to the property insurance during the upcoming <br />fiscal year. <br />Staff worked closely with Brown & Brown (Robert Hollander) to review possible courses of action to <br />reduce premiums to include increasing our deductibles in certain coverage and the feasibility of self- <br />insurance in areas that we as a City have had good claims experience. Based on the available options, <br />renewal with PGIT with the coverage and terms indicated is our best, most cost effective, option. <br />Item Number: 10.A <br />