HomeMy WebLinkAboutR26-160 RESOLUTION NO. R26-160
1 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF BOYNTON
2 BEACH, FLORIDA, APPROVING THE RENEWAL OF THE CITY'S
3 INSURANCE POLICIES FOR PROPERTY, INLAND MARINE, CRIME,
4 GENERAL LIABILITY, LAW ENFORCEMENT LIABILITY, AUTOMOBILE,
5 PUBLIC OFFICIALS, CYBER LIABILITY, WORKERS' COMPENSATION,
6 AND GENERAL LIABILITY AND EXCESS GENERAL LIABILITY FOR PARKS
7 AND PLAYGROUNDS COVERAGE WITH PREFERRED GOVERNMENTAL
8 INSURANCE TRUST (PGIT) THROUGH INSURANCE BROKER BROWN
9 & BROWN FOR A RATE-LOCKED 2-YEAR POLICY TERM BEGINNING
10 OCTOBER 1, 2026, AND ENDING SEPTEMBER 30, 2028; AND FOR ALL
11 OTHER PURPOSES.
12
13 WHEREAS, Brown & Brown, Inc. is the City's insurance broker; and
14 WHEREAS, the renewal cost for fiscal years 2026/2027 and 2027/2028 is approximately
15 $2,202,357, compared to $2,262,101 for fiscal year 2025/2026, reflecting a decrease of
16 approximately 2.64%. This renewal reflects over $55,000 in premium savings from aggressive
17 marketing and improved market conditions. The property line saw a 7% rate reduction (24%
18 cumulative over two renewals), with enhanced coverage, including an increase in the Crime limit
19 from $50K to $250K. Casualty rates held flat despite anticipated legislative changes; and
20 WHEREAS, the City Commission, upon the recommendation of staff, has deemed it in the
21 best interests of the City's citizens and residents to approve the renewal of the City's insurance
22 policies for property, inland marine, crime, general liability, law enforcement liability, automobile,
23 public officials, cyber liability, workers' compensation, and general liability and excess general
24 liability for Parks and Playgrounds coverage with Preferred Governmental Insurance Trust (PGIT)
25 through Insurance Broker Brown & Brown for a rate-locked 2-year policy term beginning October
26 1, 2026, and ending September 30, 2028.
27
28 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF BOYNTON
29 BEACH, FLORIDA, THAT:
30 SECTION 1. The foregoing "Whereas" clauses are hereby ratified and confirmed as
31 being true and correct and are hereby made a specific part of this Resolution upon adoption.
32 SECTION 2. The City Commission of the City of Boynton Beach, Florida, does hereby
33 approve the renewal of the City's insurance policies for property, inland marine, crime, general
RESOLUTION NO. R26-160
34 liability, law enforcement liability, automobile, public officials, cyber liability, workers'
35 compensation, and general liability and excess general liability for Parks and Playgrounds
36 coverage with Preferred Governmental Insurance Trust (PGIT) through Insurance Broker Brown &
37 Brown for a rate-locked 2-year policy term beginning October 1, 2026, and ending September 30,
38 2028.
39 SECTION 3. The City Commission of the City of Boynton Beach, Florida, hereby
40 authorizes the City Manager to execute any ancillary documents as may be necessary to
41 accomplish the purpose of this Resolution.
42 SECTION 4. This Resolution shall take effect in accordance with the law.
43
44 [SIGNATURES ON THE FOLLOWING PAGE]
45
RESOLUTION NO. R26-160
46 PASSED AND ADOPTED this (> day of So t e.vv- 'c Q 2026.
47 CITY OF BOYNTON BEACH, FLORIDA
48 YES NO
49 Mayor— Rebecca Shelton ✓
50
51 Vice-Mayor—Thomas TurkinIV
52
53 Commissioner—Angela Cruz 4..,
54
55 Commissioner— Mack McCray 1/
56
57 Commissioner—Aimee Kelley
58
59 VOTE 5 -0
60 ATTEST:
61
62 0/ii di.•0 APA7:�—,t ww1., -It
63 Tammy Stanzi.ne, CMC Rebecca Shelton
64 City Clerk Mayor
65 ;=�F goyryT
66 •',..•. aRpO•.•�if, APPROVED AS TO FORM:
67 (Corporate Seal; v;
AL
68 �IN��Rp :I
70 \r Aga, g4i6
l\ • 0 •'Shawna G. Lamb
71 11‘‘,""ORID4 .•�`- City Attorney