ACTION REQUESTED:
Title
Communication from the City Manager and Director of Human Resource 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 $208,989.18.
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BACKGROUND: The City of Peoria owns property and vehicles with a combined value of over $223,139,983. The Alliant Property Insurance Program (APIP) through Alliant/Mesirow Insurance Services was determined to be the most comprehensive, cost effective coverage. In 2020 Alliant/Mesirow went to the marketplace and determined that no other carrier was providing municipal clients the comprehensive coverage that Alliant was for the price despite the increase in rate.
FINANCIAL IMPACT: Estimated annual cost of $203,989.18 which represents an 23% rate increase and a .38% increase on values from the expiring premium of $165,844.65. The cost is broken out into the following: $203,989.18 for the property and auto catastrophic coverage through the Alliant APIP program and a $5000 broker fee. Alliant/Mesirow has held their fee level for 9 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: 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