ACTION REQUESTED:
Title
Authorize the City Manager to RENEW PROPERTY AND CONTENTS and AUTO CATASTROPHIC COVERAGE INSURANCE WITH ALLIANT/MESIROW INSURANCE SERVICES INC. For a Cost of $130,101.35
Body
BACKGROUND: The City of Peoria owns property and vehicles with a combined value of over $207,447,562. The Purchasing Division, in conjunction with Risk Management bid this coverage in 2011. The Alliant Public Entity Property Insurance Program (PEPIP) through Alliant/Mesirow Insurance Services was determined to be the most comprehensive, cost effective coverage. In 2017 Alliant/Mesirow reevaluated the current market, to include: Chubb, Hartford, Travelers, and Zurich and determined that no other carrier was providing municipal clients the comprehensive coverage that Alliant does for the price.
FINANCIAL IMPACT: Estimated annual cost of $130,101.35 which represents a 6% increase from the expiring premium of $122,565. The cost is broken out into the following: $125,101.35 for the property and auto catastrophic coverage through the Alliant PEPIP program and a $5000 broker fee. Alliant/Mesirow has held their brokerage fee level for 6 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 of Peoria would operate with no coverage with the possibility of any one claim significantly depleting our reserves.
ALTERNATIVES: N/A
EEO CERTIFICATION NUMBER: Alliant /Mesirow Insurance Services 02562-170930
WHICH OF THE GOALS IDENTIFIED IN THE COUNCIL'S 2014 - 2029 STRATEGIC PLAN DOES THIS RECOMMENDATION ADVANCE?
1. Financially Sound City Government, Effective City Organization
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 ite...
Click here for full text