Item 4FAGENDA TTEM # 4F
SEPTEMBER 22, 2008
CITY OF ATLANTIC BEACH
CITY COMMISSION MEETING
STAFF REPORT
AGENDA ITEM: Renewal of City Insurance.
SUBMITTED BY: George Foster, Human Resource Manager
DATE: September 16, 2008
BACKGROUND: In June 2007 the City bid out its 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 Commission
approved renewal with our current insurance agency, the Pubfic Risk
Insurance Agency whose bid was the lower by approximately $54,000.
In June 2008 the City Commission approved renewal of insurance for July
1, 2008 thru September 30, 2009 as indicated within attachment 1.
We have now received the renewal rates for the following insurance
coverage for October 1, 2008 thru September 30, 2009.
2007 2008
Workers Compensation 213,680 213,648
Police Statutory 1,178 1,196
Environmental Note 1 Note 1
Fiduciary 3,743 Note 2
Notes 1. Environmental insurance was renewed on 10/01/07 for a three year
period with three year premium paid of $52,158. This is year 2 of this 3
year contract.
2. To be paid by Pension Board.
BUDGET: The above insurance renewal rates should be included within the FY08/09
budget. Although funds should be sufficient to pay the above premiums,
additional funds maybe required during the year for claim deductibles.
RECOMMENDATION: Approve renewal of Workers Compensation and Police Statutory
insurance, effective October 1, 2008, as indicated above.
ATTACHMENT: July 1, 2008 renewal information.
REVIEWED BY CITY MANAGE
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AGENDA ITEM # 4F
SEPTEMBER 22, 2008
RENEWAL -JULY 1, 2008
The City was requested to cancel, effective June 30, 2008, the below insurance coverage and
immediately renew for the period of July 1, 2008 through September 1, 2009 in order to obtain
an overall reduced premium for the remainder of this policy year and "lock in" the rates for the
next policy year (10/01/08 thru 09130/09).
This action was approved by the City Commission on June 23, 2008.
Type
10/01/06
10/01/07
10/01/07
10/01/08 10/01/07
Adjusted
Adjusted Rentvval ors
10/01/08
Automobile
Pro a
Liabil' 75,025
230 369 73,42$
211 173 70,186
203 236 66,799
164,525 -4.83%
-19.05%
General
Police
Public Officials
Em to meat Practices
Crime/Dishoae 43,904
24 998
10,532
10 059
1,211 39,513
26,100
24,291
In Above
i,21 i 39,513
26,100
24,291
1n Above
i,21 I 43,483
27,416
13,015
12,500
i,2i 1 +10.05%
+5.04%
+5.04%
+5.04%
fl.UQ/o
Sub Totals 396 098 375 716 364,537 328 949
Year to Year Chan a
Year to Year Chan e -20,382
- 5.15% -11,179
-2.98% 46,767
-12.45% 35,588
-9.76%
New 10/01/08 thru 09/30/09 remium for above olicies 317,770
Credit from 2007 to be lied to FY 08!09 renewal
Premium reduction for FY 08/09 vs FY 07/08 ad'usted remium 11,179
46,767
Total 10/01/08 reduction to FY 08/09 remium 57,946