ACTION REQUESTED:
Title
Communication from the City Manager and the Director of Human Resources with a Request to APPROVE the Renewal of Property and Contents and Auto Catastrophic Coverage Insurance with ALLIANT/MESIROW INSURANCE SERVICES INC., in the Amount of $141,125.48.
Body
BACKGROUND: The City of Peoria owns property and vehicles with a combined value of over $212,317,149. The Alliant Public Entity Property Insurance Program (PEPIP) through Alliant/Mesirow Insurance Services was determined to be the most comprehensive, cost effective coverage. In 2018 Alliant/Mesirow went to the market place and determined that no other carrier was providing municipal clients the comprehensive coverage that Alliant was for the price.
FINANCIAL IMPACT: Estimated annual cost of $136,125.48 which represents an 8.8% increase from the expiring premium of $125,101.25. The cost is broken out into the following: $136,125.48 for the property and auto catastrophic coverage through the Alliant PEPIP program and a $5000 broker fee. Alliant/Mesirow has held their fee level for 7 years.
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: The City will not have coverage for owned property and vehicles.
ALTERNATIVES: N/A
EEO CERTIFICATION NUMBER: Alliant /Mesirow Insurance Services 02562-180930
WHICH OF THE GOALS IDENTIFIED IN THE COUNCIL’S 2017 - 2032 STRATEGIC PLAN DOES THIS RECOMMENDATION ADVANCE?
1. Financially Sound City
WHICH CRITICAL SUCCESS FACTOR(S) FROM THE COMPREHENSIVE PLAN DOES THIS RECOMMENDATION IMPLEMENT?
1. Support sustainability.
DEPARTMENT: Human Resources