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, 2014 to April 30, 2015 in the amount of $725,551 and $10,000 to American Bankers Insurance Company of Florida for National Flood Insurance Program coverage.
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Item Summary:
The City of Roswell, via a broker, solicited quotes to procure property, casualty, and liability insurance for the coverage period 5/1/14 to 4/30/15. Three (3) quotes were received ranging from $627,857 to $792,707. Trident, the City's current carrier was the most responsive, responsible proposer in an amount not to exceed $725,551.
In addition to the Property and Casualty Insurance renewal the City will purchase National Flood Insurance Program coverage from American Bankers Insurance Company of Florida for $10,000 to repair and/or replace damages caused by flooding to River Landing.
Committee or Staff Recommendation:
On April 15, 2014 the Administration and Finance & Recreation and Parks Committee recommended placing this item on the April 28, 2014 Mayor and Council Agenda.
Financial Impact:
Funding in the amount of $735,551 will be included in the FY 2015 Proposed Budget and will be available, contingent upon City Council approval of the FY 2015 Budget, in Org 60315550 and Object 523100.
Presented by:
David Davidson, City Attorney