5STRATEGIC PRIORITY: Government Performance & Financial Management
AGENDA DATE: April 10, 2024
COUNCIL DISTRICT(S): N/A
DEPARTMENT: Office of Risk Management
EXECUTIVE: Jack Ireland
______________________________________________________________________
SUBJECT
title
Authorize the City’s contracted broker of record, McGriff Insurance Services, Inc., to purchase an auto property damage/catastrophic fleet damage insurance policy with as-needed coverage for the period of April 15, 2024, to April 14, 2025 - Not to exceed $1,548,935 - Financing: Risk Management Fund
body
BACKGROUND
This insurance policy will provide coverage for city-owned vehicles valued at $100,000 or greater. The quote was received after the FY 2023-24 budget was approved.
PRIOR ACTION/REVIEW (COUNCIL, BOARDS, COMMISSIONS)
On June 28, 2023, the City Council authorized through the City's contracted broker of record, McGriff Insurance Services, Inc., to purchase an auto property damage/catastrophic fleet damage insurance policy. Coverage as needed for the period April 15, 2023, to April 15, 2024, in an amount not to exceed $1,476,869.
FISCAL INFORMATION
|
Fund |
FY 2024 |
FY 2025 |
Future Years |
|
Risk Management Fund |
$1,548,935.00 |
$0.00 |
$0.00 |
OWNER
McGriff Insurance Services, Inc.
Read Davis, President
Doug Hodo, Vice President