HomeMy WebLinkAboutItem 15 - OneBeacon MEMO TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: BRUNO RUMBELOW, CITY MANAGERt'
MEETING DATE: OCTOBER 18, 2016
SUBJECT: APPROVAL FOR CONTRACT ON PROPERTY AND CASUALTY
INSURANCE COVERAGE
RECOMMENDATION:
City Council to consider award of an annual contract with OneBeacon Government Risk
Insurance Company for property and casualty insurance coverage.
FUNDING SOURCE:
Funds for this purchase are available in various departmental accounts in an estimated
annual amount of$820,000.00.
BACKGROUND:
The City's consultant Hub International Insurance Services secured four proposals for
annual package property insurance and casualty insurance policies. These policies
include property, general liability, professional liability, law enforcement liability, business
automobile, excess liability, inland marine, and foreign package liability. The proposals
from Old Republic, Travelers, and AIG came in as non-competitive with OneBeacon's
pricing and terms. OneBeacon Government Risk was able to issue a renewal policy with
the same coverage's at an overall 2.9% rate increase. City staff reviewed the proposals
and determined that OneBeacon Governmental Risk Insurance Company would provide
the best policy, pricing and service for meeting the needs of the City. This is a one year
contract.
Staff recommends approval.
MH
10/12/2016 4 39 11 PM