HomeMy WebLinkAboutItem 10 - Cyber LiabilityMEMOTO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: BRUNO RUMBELOW, CITY MANAGER
MEETING DATE: OCTOBER 6, 2020
SUBJECT: APPROVAL TO RENEW AN ANNUAL POLICY FOR CYBER LIABILITY
INSURANCE COVERAGE
RECOMMENDATION: City Council to consider the renewal of an annual policy with XL Insurance
Company for Cyber Liability insurance coverage.
FUNDING SOURCE: Funds are available in the General Fund in the estimated annual amount
of $42,000.
BACKGROUND: The City's insurance consultant, Hub International Insurance Services
(HUB), secured pricing for the renewal of the Cyber Insurance policy. HUB
reached out to six firms and two provided quotes. HUB recommended the
City remain with XL because they offered a lower premium and the City
has an established relationship with the firm. The other four firms did not
provide quotes. In FY20, the City Council authorized a $35,000 agreement
with XL. This agreement is for $42,000, and the increase in premium is
due to the increasing number of cyberattacks across all industries.
Staff recommends approval.
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