HomeMy WebLinkAboutItem 17 - Cyber Liability InusranceMEMO TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: BRUNO RUMBELOW, CITY MANAGER
MEETING DATE: SEPTEMBER 19, 2023
SUBJECT: ANNUAL POLICY RENEWAL FOR CYBER LIABILITY INSURANCE
COVERAGE
RECOMMENDATION: City Council to consider the renewal of an annual policy for cyber liability
insurance coverage with XL Insurance Company.
FUNDING SOURCE: Funds are available in the General Fund (Risk Department) for an
estimated annual amount of $178,000.
BACKGROUND: The City's insurance consultant, HUB International Insurance Services
(HUB), received proposals for cyber liability coverage, including a renewal
quote from XL Insurance. XL Insurance is the current cyber insurance
provider.
The cyber insurance market has significantly changed in recent years due
to an increase in frequency and severity of cyber attacks. As a result,
underwriters are becoming less likely to bid on new business.
City staff reviewed the proposals and recommends to renew the XL
Insurance policy for cyber liability coverage. This is a one-year policy.
Staff recommends approval.