Item 8B v
AGENDA ITEM # 8B
September 25, 2006
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,~, 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 19, 2006
BACKGROUND: The major increase, as a percentage, was with property insurance and is
attributable to the storms within Florida during the past year.
Renewal rates for October 1, 2006 are indicated below:
Twe 10/01 /04 10/01 /OS 10/01 /06
Automobile 73,319 78,381 7S,02S + 4.28
Property 111,997 134,761 230,369 +70.95
Liability
Gen , 38,486 39,SS2 43,904 + 11.00
Police 24,998 24,998 24,998 + 0.00
Pub Official 19,SS9 9,500 10,532 + 10.86
Emp Practice In above 10,059 10,059 + 0.00
Crime/Dishonesty 1,191 1,223 1,211 - .98
Environmental 28,930 30,377 30,377 + 0.00
Workers' Comp 278,745 269,496 286,345 + 6.25
Fiduciary 4,242 4,255 4,520 + 6.23
Police Statutory 948 1,046 1,046 + 0.00
Totals: 582,415 603,648 718,386 + 19.02
+47,809 +21,233 +114,738
+ 8.94% + 3.65% + 19.02%
BUDGET: As insurance renewal rates are not normally received until September, an
estimate was included within the FY06 budget that is sufficient to cover
the above increases. Although these funds are sufficient to pay the above
premiums, additional funds maybe required during the year for claim
deductibles.
RECOMMENDATION: Approve renewal of the City's insurance, effective October 1, 2006, as
indicated above.
REVIEWED BY CITY MANACrER.
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