DEPARTMENT MAKING REQUEST
Budget & Admin Services
Title
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21-600, Renewal, Property and Casualty Insurance Coverage (Risk Management)
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REQUESTED MOTION/ACTION
recommendation
Recommended Action:
Approve renewal of Contract #21-600, Property & Casualty Insurance Coverage with the Various Carriers specified on the attached evaluation in the amount of $7,105,934, for the term of October 1, 2024, through and including September 30, 2025.
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budget
Budgeted Action:
No action needed: Budgeted in the Risk Management Fund - Self Insurance Budget as a part of the FY25 budget process. Funding for this expenditure comes from Self Insurance premiums
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BACKGROUND (Why is this Action Necessary, and What Action will be accomplished)
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Background:
This is an annual contract for the comprehensive self-insurance program which covers Workers’ Compensation, Property, and various liability exposures for 2024-2025 (FY25) coverages. Attached is a renewal proposal listing coverages, self-insured retention limits, policy limits, and premiums, along with recommendation by Risk Management.
The total expected premiums for the Risk Management Insurance program for FY 25 is $7,105,934 compared to $6,921,807 an increase of $184,127 or 2.66%.
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