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<br />Preview <br /> <br />Page 1 of2 <br /> <br /> <br />City of Sunny Isles Beach <br />18070 Collins Avenue <br />Sunny Isles Beach, Florida 33160 <br /> <br />(305) 947-0606 City Hall <br />(305) 949-3113 Fax <br /> <br />MEMORANDUM <br /> <br />TO: <br /> <br />The Honorable Mayor and City Commission <br /> <br />FROM: <br /> <br />Doug Haag, Assistant City Manager - Finance <br /> <br />DATE: <br /> <br />9/17/2009 <br /> <br />RE: <br /> <br />Renewal of Property, Casualty and Auto Insurance Policies <br /> <br />RECOMMENDATION: <br /> <br />Approve the attached resolution to renew the City's property, casualty and auto insurance with <br />the Preferred Government Insurance Trust (PGIT) for the policy period of October l, 2009 - <br />September 30, 20 lOin the amount of $494, 188. <br /> <br />REASONS: <br /> <br />The City currently has Commercial Insurance Package (Property, Casualty, Auto) insurance <br />through the Preferred Governmental Insurance Trust (PGIT) which is a premier insurance <br />organization for public entities and is a non-assessable Trust approved by the Florida State <br />Legislature. PGIT submitted a proposal to the City for two 12 month periods which in effect <br />locks in our premium for the next two years. However, it is conditional upon PGIT's property <br />reinsurance premiums remaining the same as well. There is also a substantial penalty (60 days <br />premiumO for early cancellation. For that reason, we are recommending staying with the one year <br />renewal period. <br /> <br />The renewal premium is $494,188. Currently the City is paying $619,012 for a 15 month policy <br />which when adjusted for 12 months equates to $495,210. And prior to that, the City paid <br />$584,143 for the period 10/1/07 - 9/30/08. Prior to that year, we made some adjustments in <br />coverages and the overall premium since then has decreased by 15% . <br /> <br />The City also requested a proposal from the Florida Municipal Insurance Trust (FMIT). <br />However, they were only able to provide us a quote for the liability coverage and not the property <br />coverage, resulting in an incomplete proposal. We cannot accept a proposal under these <br />conditions because PGIT will not provide just liability coverage. <br /> <br />ADDITIONAL INFORMATION: <br /> <br />Agenda Item ~ <br /> <br />Date 9-\l-OQ <br /> <br />http://sibagenda.sibfl.net/agenda/Preview.aspx?I temID=77 &MeetingII <br />