Exh 4DAGENDA 1T):IVI #4D
SEPTI:IVTBER 2G, 2005
CITY OF ATLANTIC BEACH
' CITY COMMISSION MEETING
STAFF REPORT
• ~ AGENDA ITEM: Approve renewal of City Insurance (excluding Employee Benefits) with the
• Preferred Governmental Insurance Trust (PGIT) as indicated below.
SUBMITTED BY: George Foster, Human Resource Manager ~(~
DATE: September 20, 2005
.. BACKGROUND: The City previously hired a consultant, Waters Risk Management, to bid
non-benefit insurance to be effective October 1, 2002. Only 2 proposals
• were received for each major line of insurance with the exception of 3
- • proposals received for Law Enforcement Statutory Benefits and Boiler 1
Machinery Coverage.
The major increase, as a percentage, was with property insurance and is
. attributable to the storms within Florida during the past year and an increase
in City property values of 6.09%, from $32,278,323 to $34,245,701.
.. Renewal rates for October 1, 2005 are indicated below:
Tx~ 10/01 /03 10101 /04 10!01 /OS
Automobile 70,924 73,319 78,381 + 6,90
Property 102,878 111,99? 134,761 +20.33
Liability
Gcn 54,638 38,486 39,552 + 2.77
Police In above 24,998 24,998 + 0.00
' ' Pub Ollicial 18,865 19,559 9,500 + 0.00
Emp Practice In above In above 10,059 + 0.00
Crimc/Dishoncsty 1,006 1,191 1,223 + 2.69
Environmental 31,823 28,930 30,377. + 5.00
Workers' Comp 249,589 278,745 269,496 - 3.32
Fiduciary 3,935 4,242 4,255 + 0.31
Police Statutory 948 948 1,046 + 10.34
Totals: 534,606 582,415 603,648
+27,462 +47,809 +21,233 + 3.65
+ 5.42%, + 8.94% + 3.65%
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 may be required during the year for claim
deductibles.
RECOMMENDATION: Approve renewal of the City's insurance, effective October 1, 2005, with
' the Preferred Governmental Insurance Trust (PGIT) as indicated above.
REVIEWED BY CITY MAN ER: