TITLE
Recommendation to authorize City Manager, or designee, to purchase, through Alliant Insurance Services, Inc., the following insurance policies: Excess Municipal Liability insurance, at a total premium not to exceed $3,449,334 with multiple carriers including, but not limited to Gemini Insurance Berkley, Hallmark, London-Llyods, Allied World, and Navigators, for a 12-month period, from July 1, 2021, to July 1, 2022; a buy-down deductible of the Self-Insured Retention down to $7.5 million from Safety National at a premium not-to-exceed $1 million; Airport Liability insurance at a premium not to exceed $106,000 from National Union Insurance Company; Aircraft Liability and Hull insurance for police helicopters at a premium not to exceed $55,000 from National Union Insurance Company; Storage Tank Insurance at a premium not to exceed $24,102 from Liberty Surplus Lines; Drone Coverage at a premium not to exceed $7,185 from the National Aviation Liability Program, Marine Insurance from International Marine Underwriters (IMU) at a premium not to exceed $331,597; and, Cyber Excess Coverage at a premium not to exceed $142,196 from Beazley, for the period of July 1, 2021, to July 1, 2022, for all liability policies; and
Increase appropriations in the Insurance Fund Group in the Human Resources Department by $3,391,433, offset by funds available. (Citywide)
DISCUSSION
The City annually purchases excess municipal liability, airport liability, aircraft liability and hull insurance, storage tank liability, drone insurance, marine insurance, and cyber excess insurance to cover exposures arising from City operations. This year’s coverage is through the City’s casualty broker of record, Alliant Insurance Services, Inc. (Alliant).
The insurance market operates as either a soft market or a hard market. In a soft market, there tends to be easier underwriting, increased capacity, lower premiums, and broader coverage. In contrast, a hard market sees tougher underwriting, r...
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