COUNCIL COMMUNICATION
TO: Honorable Mayor and Council
FROM: Shirlee Palbicki, Human Resources/Risk Management
SUBJECT:Title
Approve Renewal of Liability Insurance to Willis of Arizona
Body
FUNDING SOURCE:
Various Departments
PURPOSE:
To approve renewal of liability insurance with Willis of Arizona, the City’s insurance broker, who negotiates with multiple AM Best rated A- and above companies to secure the various liability coverages.
BACKGROUND:
The various liability-related insurance policies held by Lake Havasu City will expire on November 1, 2016.
Staff received a renewal quote of $833,336.20. The renewal quote consists of:
St. Paul Travelers - $819,878 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 Communcations & Media Liability coverage), & Umbrella/Excess;
AIG Crime - $3,485 for Crime;
Liberty Surplus- $3,973.20 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:
Sufficient funds are budgeted in the various city funds and available to renew coverage as recommended. The combined budget in all funds for general liability insurance exceeds $833,336.20
ATTACHMENTS:
N/A
SUGGESTED MOTION:Recommended Action
I move to direct staff to bind coverage as recommended by Willis of Arizona for a total premium of $833,336.20, payable directly to Willis of Arizona.