TO: Honorable Mayor and Council
FROM: Shirlee Palbicki, Human Resources/Risk Manager
SUBJECT:Title
Approve Renewal of Liability Insurance through Willis of Arizona
Body
FUNDING SOURCE:
Various Departments
PURPOSE:
To approve renewal of liability insurance through Willis of Arizona, the City’s insurance broker, that negotiates with multiple AM Best rated A- and above companies to secure various liability coverages.
BACKGROUND:
The various liability-related insurance policies held by Lake Havasu City will expire on November 1, 2015. Staff received a renewal quote of $833,697.40. The renewal quote consists of:
St. Paul Travelers - $819,880 for Property, Boiler & Machinery, Inland Marine, General Liability, Liquor, Employee Benefits Liability, Law Enforcement Liability, Public Officials Liability, Employment Practices Liability, Auto, Garagekeepers Liability, Cyber Liability (to include the additional Communications & Media Liability coverage), & Umbrella/Excess;
AIG Crime - $3,483;
Liberty Surplus - $4,334.40 for Underground Storage Tank Liability; and,
ACE - $6,000 for Airport Liability.
COMMUNITY IMPACT:
To have an insurance program in place that provides critical financial protection for Lake Havasu City and its citizens.
FISCAL IMPACT:
Funds are budgeted in the General Fund, Airport, HURF, Irrigation & Drainage District and Wastewater Utility Fund for a combined total of $833,697.40
ATTACHMENTS:
N/A
SUGGESTED MOTION:Recommended Action
I move to direct City staff to bind coverage as recommended by Willis of Arizona for a total premium of $833,697.40, payable directly to Willis of Arizona.