HomeMy WebLinkAboutItem 08 - Property and Casualty InsuranceMEMOTO: 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 PROPERTY AND
CASUALTY INSURANCE COVERAGE
RECOMMENDATION: City Council to consider the renewal of an annual policy with Travelers
Insurance for property and casualty insurance coverage.
FUNDING SOURCE: Funds are available in the General Fund (various accounts) in an amount
not to exceed $1,014,000.
BACKGROUND: The City of Grapevine is fully -insured for property, general liability,
professional liability, law enforcement liability, business automobile,
excess liability, inland marine, and foreign package liability.
The City's consultant, Hub International Insurance Services (HUB),
secured pricing for the renewal of this policy with Travelers Insurance.
According to The Council of Insurance Agents and Brokers (CIAB), a hard
market is now in full swing for the property -casualty commercial insurance
market, with average price increases across all account sizes and lines of
business coming in at 9.6%. Travelers Insurance has offered renewal
terms with a 7% increase in premium. Travelers continues to provide the
best policy, pricing and service for meeting the needs of the City. This is a
one-year contract.
Staff recommends approval.