Title
Approval for the Mayor and/or City Administrator to sign a renewal contract with Trident Insurance Services, LLC for property and casualty insurance for the period May 1, 2013 to April 30, 2014 in the amount of $695,290 to include National Flood Insurance Program coverage and Catastrophic Inmate Medical coverage.
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Item Summary:
The City of Roswell, via a broker, engaged in a request for proposal to procure property, casualty, and liability insurance for the coverage period of 5/1/13 to 4/30/14. Two (2) quotes were received. Trident, the City's current carrier was the most responsive, responsible proposer in a renewal amount not to exceed $671,290.
In addition to the Property and Casualty Insurance renewal the City will purchase National Flood Insurance Program coverage for $12,000 to repair and/or replace damages caused by flooding to River Landing. Catastrophic Inmate Medical coverage for $12,000 will also be purchased to cover inmate medical bills in excess of $40,000. The total for the package with Property, Casualty, Flood and Inmate Catastrophic coverage is $695,290
Committee or Staff Recommendation:
On April 9, 2013 the Administration and Finance & Recreation and Parks Committee recommended placing this item on the April 22, 2013 Mayor and Council Agenda.
Financial Impact:
Funding in the amount of $695,290 will be included in the FY 2014 Proposed Budget and will be available, contingent upon City Council approval of the FY 2014 Budget, in Org 60315550 and Object 523100.
Presented by:
David Davidson, City Attorney