TO: Finance Committee
FROM: Kathy Franson, Director of HR
SUBJECT:
title
Authorization to Approve the Proposed Renewal of Property and Casualty Coverage’s
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BACKGROUND:
The City utilizes the services of Arthur J. Gallagher Risk Management Services, Inc. (AJG) to represent the City in obtaining Property and Casualty Insurance Coverage. Each year, AJG and the City meet to update records, discuss coverages, and review trends in the marketplace. Then AJG solicits quotations from the City's current carriers as well as various independent carriers from which the most competitive quotes are selected and recommended for approval by the City. The City works primarily with Rich Stokluska, Area Executive Vice President, AJG, who has vast experience in municipal insurance as well as the City's account.
CONCLUSION:
Specifically, this year our biggest increase is seen in the area of Cyber. Cyber will be transitioning to a Cyber Media Coverage that will enhance our protection for online crimes and data breaches and offset any costs with data recovery.
RECOMMENDATION:
recommendation
Based on the administration’s evaluation of the attached proposal, it is recommended that the Finance Committee recommend the City Council authorize executing a contract with Arthur J. Gallagher Risk Management Services, Inc. for the renewal of coverages and services for the City’s Consolidated Property and Casualty Insurance Program for the policy year beginning August 1, 2024, in the amount of $1,826,007 for the 2024/2025 plan year.
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