HomeMy WebLinkAboutItem 12 - Cyber Liability Insurance MEMO TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: BRUNO RUMBELOW, CITY MANAGER OR'
MEETING DATE: SEPTEMBER 19, 2017
SUBJECT: APPROVAL FOR CONTRACT FOR CYBER LIABILITY
INSURANCE
RECOMMENDATION:
City Council to consider award of an annual contract with XL Insurance Carrier for cyber
liability insurance coverage.
FUNDING SOURCE:
Funds are available in account 100-45550-109-1 (Insurance- General Liability) in the
estimated annual amount of $20,000.
BACKGROUND:
Cyber liability insurance protects against losses from hacking, breaches of network
security and cyber extortion.
The City's consultant Hub International Insurance Services (HUB) secured proposals for
cyber liability insurance. Proposals were received from OneBeacon Government Risk,
Sompo, and XL. HUB and City staff reviewed the proposals and determined that XL
Insurance Carrier would provide the best policy and pricing for meeting the needs of the
City. Staff recommends this policy. This is a one year contract.