ACTION REQUESTED:
Title
Communication from the City Manager and Director of Human Resources to AUTHORIZE the City Manager to Renew PROPERTY and CONTENTS INSURANCE COVERAGE, and AUTO CATASTROPHIC INSURANCE COVERAGE with the City’s Property Broker, ALLIANT INSURANCE SERVICES, INC., for a Cost Not to Exceed $311,482.62, Inclusive of Fees.
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BACKGROUND: The City of Peoria owns property and vehicles with a combined value of over $226,539,101. The Alliant Property Insurance Program (APIP) through Alliant Insurance Services has been the most comprehensive, cost effective coverage for several years. Currently, Alliant Insurance Services went to the marketplace and secured the above quote of $311,483.00 from the APIP program. This quote represents a 50% increase from our current expiring premium. Given current market conditions, Alliant is trying to secure additional quotes, but they do not have firm numbers as of the date of this communication. The not to exceed language above would allow the City Manager to select a lower comprehensive quote if we are able to secure one before the renewal date of July 1, 2021.
FINANCIAL IMPACT: Estimated annual cost of $311,482.62 which represents an 50% rate increase and a 1.52% increase on values from the expiring premium of $208,989.18. The cost is broken out into the following: $306.482.62 for the property and auto catastrophic coverage through the Alliant APIP program and a $5000 broker fee.
NEIGHBORHOOD CONCERNS: N/A
IMPACT IF APPROVED: The City of Peoria would have coverage on all City owned property on a blanket basis for up to $175,000,000 to include over the road coverage for vehicles.
IMPACT IF DENIED: N/A
ALTERNATIVES: N/A
EEO CERTIFICATION NUMBER: Alliant Insurance Services 02562-200630.
WHICH OF THE GOALS IDENTIFIED IN THE COUNCIL’S 2017 - 2032 STRATEGIC PLAN DOES THIS RECOMMENDATION ADVANCE?
1. Financially Sound City
2. Choose an item.
3. Choose an item.
WHICH CRITICAL SUCCESS FACTOR(S) FROM THE COMPREHENSIVE PLAN DOES THIS RECOMMENDATION IMPLEMENT?
1. Have an efficient government.
2. Choose an item.
3. Choose an item.
DEPARTMENT: Human Resources