R24-204 RESOLUTION NO. R24-204
3 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF BOYNTON BEACH,
4 FLORIDA, APPROVING THE RENEWAL OF INSURANCE POUCY FOR PROPERTY,
5 CASUALTY, AND WORKERS' COMPENSATION INSURANCE COVERAGE WITH
6 PREFERRED GOVERNMENTAL INSURANCE TRUST (PGIT) FOR THE POUCY TERM:
7 OCTOBER 1, 2024, THROUGH SEPTEMBER 30, 2025;AND FOR ALL OTHER PURPOSES.
8
9 WHEREAS, Florida Municipal Insurance Trust (EMIT) is the City's insurance provider for
10 property, liability, auto, and workers' compensation insurance; and
11 WHEREAS, the renewal quote is an increase of approximately $98,000 compared to the
12 current fiscal year's expense. The City's total insured value increased by approximately 1%, and
13 the number of vehicles on our auto schedule increased by approximately 22%. The increase in
14 premium that we are experiencing for the new policy year is mostly due to the exposure changes
15 with increased City assets; and
16 WHEREAS, the City Commission, upon the recommendation of staff, has deemed it in the
17 best interests of the city's citizens and residents to approve the renewal of insurance policy for
18 property, casualty, and workers' compensation insurance coverage with Preferred Governmental
19 Insurance Trust (PGIT) for the policy term: October 1, 2024, through September 30, 2025.
20
21 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF BOYNTON
22 BEACH, FLORIDA, THAT:
23 SECTION 1. The foregoing "Whereas" clauses are hereby ratified and confirmed as
24 being true and correct and are hereby made a specific part of this Resolution upon adoption.
25 SECTION 2. The City Commission of the City of Boynton Beach, Florida, does hereby
26 approve the renewal of insurance policy for property, casualty, and workers' compensation
27 insurance coverage with Preferred Governmental Insurance Trust (PGIT) for the policy term:
28 October 1, 2024, through September 30, 2025, as further detailed in "Exhibit A" attached hereto.
29 SECTION 3. The City Commission of the City of Boynton Beach, Florida, hereby
30 authorizes the Mayor to execute any ancillary documents as may be necessary to accomplish the
31 purpose of this Resolution.
32
33 SECTION 4. This Resolution shall take effect in accordance with law.
34
r4
35 PASSED AND ADOPTED this j day of Sep'.."" "`r- 2024.
36 CITY OF BOYNTON BEACH, FLORIDA
37 Y- NO
38 Mayor–Ty Penserga
39
40 Vice Mayor–Aimee Kelley `..------
41
42 Commissioner–Angela Cruz
43
44 Commissioner–Woodrow L. Hay '/
45
46 Commissioner–Thomas Turkin
47
48 VOTE _0
49 ATTE
50
51 . a of, t 7 A F Y era 2y
52 Maylee D- J:• s, MPA, C „��% Ty P-r=!'.a
53 City Ger• May-
54 fce,02?...(W.N..T..04,‘Nt
R, '.•��111
55 i v'• 11SEAL 11, APPROVED AS TO FORM:
56 (Corporate Seal) ° ; INCORPORATED?
57 �el\ 1920 ;•� >J6 /'/`/)a LA �G�b
59 1%.�FLORIDP= Shawna G. Lamb
60 City Attorney
City of Boynton Beach (jSI( 9"_GEGROUHRINGP
..
Property, Casualty &Workers Compensation Insurance Evaluation strategies ens common.
2024-2025 Renewal Evaluation
Current Renewal
Preferred Governmental Insurance Trust Preferred Governmental Insurance Trust
2023-2024 2024-2025
overage Typ - _ _ '`_•vera:-_ Premiu
Property $25,000 AOP $257,337,400 TIV $1,641,725 $25,000 AOP $260,289,652 TIV $1,676,312
5%NS($50,000 Min) ($257,337,400 Limit) 5%NS($35,000 Min) ($260,289,652 Limit)
Equipment Breakdown $25,000 $100,000,000 Included in Property $25,000 AOP $50,000,000 Included in Property
Excess Flood Zones B,C,X:$25,000; $5,000,000 Included in Property Zones B,C,X:$25,000; $5,000,000 Included in Property
Zones A&V:NFIP Limit Zones A&V:NFIP Limit
Business Income $25,000 $4,000,000 Included in Property $25,000 $4,000,000 Included in Property
Inland Marine $4,910 $9,808
Scheduled $1,000 $2,454,852 $1,000 $5,901,915
Unscheduled $500 $1,000,000 _ $500 $1,000,000
Crime Coverage _ $964 $964
Employee Dishonesty $1,000 $50,000 $1,000 $50,000
Theft of Money&Securities $1,000 $50,000 $1,000 $50,000 _
Faithful Performance of Duty $1,000 $50,000 $1,000 $50,000
Sub Total-Property $1,647,59 F $1,687,084
General Liability $200,000 $5,000,000 $304,300 $200,000 $5,000,000 $325,651
Payroll Basis $80,000,000 _ $86,225,000
Public Official Liability&
Employment Practices Liability $200,000 $5,000,000 Included in GL $200,000 $5,000,000 Included in GL
Law Enforcement Liability $200,000 $5,000,000 _ Induded in GL $200,000 _ $5,000,000 _ Included in GL
Network Security&Privacy
Uability $25,000 $2,000,000 $5,305 $200,000 $2,000,000 $5,834
Auto UabIllty $100,000 $2,000,000 _ $120,562 $100,000 $2,000,000 $125,580
Auto Physical Damage $5,000 Per Schedule $30,863 $5,000 Per Schedule $39,843
Sub Total-Liabil &Auto , $461,030 "° $496,908
Excess Workers'Compensation _ $500,000 Statutory/$1,000,000 $284,528 $500,000 Statutory/$1,000,000 $3.0.6,805
Payroll Basis $80,000,000 $86,225,000
Experience Mod Factor 1.09 1.09
Sub Total-Workers'Comp ',-• ' $284,528
,.r .. $306,805
Total Annual Premium $2,393,157 $2,490,797
$Increase or Decrease N/A $97,640
%Increase or Decrease N/A 4.1%