Item 4EAGENDA ITEM # 4E
SEPTEMBER 1Q, 2007
CITY OF ATLANTIC BEACH
CITY COMMISSION MEETING
STAFF REPORT
AGENDA ITEM: Approve renewal of City Insurance (excluding Employee Benefits) as
indicated below.
SUBMITTED BY: George Foster, Human Resource Manager
DATE: September 4, 2007
BACKGROUND: In June 2007 the City bid out it's non-benefit insurance per RFP 07-03 to
be effective October 1, 2007. Although 8 bid packages were requested
and sent out, only 2 proposals were received for each major line of
insurance. After evaluation of bid packages, the City is recommending
renewal of all City non-benefit insurance through our current insurance
agency, the Public Risk Insurance Agency whose bid was the lower by
approximately $54,000.
Renewal rates for October 1, 2007 are indicated below:
1 /O1/OS 10/01/06 0/1 01/07
Automobile 78,381 75,025 78,596.. + 4.76%
Property 134,761 230,369 211,173 - 8.33%
Liability
Gen 39,SS2 43,904 39,513 -+- 10.00%
Police 24,998 24,998 26,100 + 10.00%
Pub Official 9,500 10,532 24,291 + 17.97%
Emp Practice 10,059 10,059 In above
Crime/Dishonesty 1,223 1,211 1,211 0.00%
Environmental 30,377 30,377 54,143 - Note
Workers' Comp 269,496 286,345 213,680 - 25.38%
Fiduciary 4,255 4,520 3,743 - 17.19%
Police Statutory 1,046 1,046 1,178 + 12.62%
Totals: 603,648 718,386 653,628 - 9.01%
+21,233 +114,738 -64,758
3.65% + 19.02% - 9.01%
Note: Three year premium with average annual being reduced to $27,840 or a
8.35% annual first year reduction and a 40.6% reduction over three years.
BUDGET: The above insurance renewal rates are included within the FY07/08
budget. Although these funds are sufficient to pay the above premiums,
additional funds may be required during the year for claim deductibles.
RECOMMENDATION: Approve renewal of the City's insurance, effective October 1, 2007, as
indicated above.
REVIEWED BY CITY MANAGER: