R22-143 1 RESOLUTION NO. R22-143
2
3 A RESOLUTION OF THE CITY OF BOYNTON BEACH, FLORIDA
4 APPROVING THE RENEWAL OF PROPERTY, CASUALTY, AND
5 WORKERS' COMPENSATION INSURANCE COVERAGE WITH FLORIDA
6 MUNICIPAL INSURANCE TRUST (FMIT) AND AUTHORIZE CITY
7 MANAGER TO SIGN ALL REQUIRED DOCUMENTS FOR THE TERM OF
8 THE POLICY: OCTOBER 1, 2022 - SEPTEMBER 30, 2023; AND
9 PROVIDING AN EFFECTIVE DATE.
10
11 WHEREAS, The Gehring Group, the City's Risk Consultant, has The Gehring Group, the
12 City's risk broker, negotiated a renewal with a net 2.3% increase across all lines of coverage for
13 a total cost of $1,113,672.00; and
14 WHEREAS, staff recommends and the City Commission does hereby approve the
15 renewal of Property, Casualty and Workers Compensation insurance coverage with FMIT for an
16 annual amount of$1,113,672.00 for the period of October 1, 2022 to September 30, 2023.
17 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF
18 BOYNTON BEACH, FLORIDA AS FOLLOWS:
19 Section 1. Each Whereas clause set forth above is true and correct and
20 incorporated herein by this reference.
21 Section 2. The City Commission hereby approves the renewal of the Property,
22 Casualty and Workers Compensation insurance coverage with FMIT for an annual amount of
23 $1,113,672.00 and authorizes the City Manager to sign the required documents for the policy
24 term October 1, 2022 to September 30, 2023.
25
S:\CA\RESO\Property And Casualty General Liability Insurance Renewal(2022-23)-Reso.Doex
26 Section 3. This Resolution shall become effective immediately upon passage.
27
28 PASSED AND ADOPTED this 18th day of October, 2022.
29 CITY OF BOYNTON BEACH, FLORIDA
30
31 YES NO
32 V 33 Mayor—Ty Penserga
34
35 Vice Mayor—Angela Cruz
36 r/
37 Commissioner—Woodrow L. Hay
38 V
39 Commissioner—Thomas Turkin /
40 ✓
41 Commissioner—Aimee Kelley
42 5-0
43 VOTE
44
45
46
47 A iiiT:
4 ,--
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50 Mayle- De Tails, MPA, MM' -.'•
51 City C -rk Mayy,
52
53
"",, APPROVED AS TO FORM;/
=c pY NTON`‘,
54 (Corporate Seal) ;O� ...RPORq.•.6, 't 9/�
55 ;,�;'cao 4)-"A„II,
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56 U: SEAL •_ ,
57t.INCORPORATED; 1 Michael D. Cirullo,Jr.
58 /t
S. 1920 ; City Attorney
‘A FLORIOP
S:\CAIRESO\Property And Casualty General Liability Insurance Renewal(2022-23)-Reso.Docx
City of Boynton Beach r= GE H R I N G GROUP'
Property,Casualt &Workers Compensation Insurance Evaluation
I A DIVISION OF RISK STRATEGIES
2022-2023 Renewal Evaluation
Current Renewal
Florida Municipal Insurance Trost Florida Municipal Insurance Trust
2021-2022 2022-2023
Coverage Type ,_ Dedy , Coverage limits Premium C
$25,000 AOP 5211,971,806 Try $25,000 AOP $211,971,098 TIV
Property 5%per Loc;min. Including Wind/Named $ 594,012 •' 5%TIV;min.$35,000 Including Wind/Named $ 645,449
$35,000(NS) Storm __ (Named Storm) Storm
Boiler&Machinery $25,000 AOP $ 50,000,000 Included in Property $25,000 AOP $ 50,000,000 Included in Property
Excess Flood $25,000 Per Flood, $ 5,000,000 Included in Property• $25,000• Per Flood, $ 5,000,000 Included in Property
Excl.A,V,Excess of NFIP Excl.A,V,Excess of NFIP
inland Marine Included in Property Included in Property
r
Scheduled Varies $ 2,123,963 M Varies 5 2,123,963
Unscheduled Varies $ 1,000,000 S Varies $ 1,000,000
$25,000 AOP; $25,000 AOP;
Equipment Breakdown
5%Named Storm $ 50,000,000 Included in Property 5%Named Storm $ 50,000,000 Included in Property
Crime Coverage Included in Property Included in Property
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 645,449
General liability $ 200 000 $2,000,000 per«c./ $ 161,446 $ 200,000 $2,000,000 per o«./ $ 185,049
No Aggregate Limit No Aggregate Limit
Payroll Basis $53,404,863.00
Network Security&Privacy $ 200,000 $ 2,000,000 Included In POL/EPLI $ 200,000 $ 2,000,000 Included in POL/EPLI
Liability
Public Official Liability& $4,000,000 per claim/ $4,000,000 per claim/
$ 200,000 Included In POL/EPLI $ 200,000 Included in POL/EPLI
Employment Practices liability $4,000,000 egg. $4,000,000 agg.
Law Enforcement Liability $ 200,000 $2,000,000 Per«c./ Included in POL/EPLI $ 200,000 f $2'000,000 per oa./ Included in POL/EPLI
No Aggregate Limit No Aggregate Limit
Auto Uabilky $ 100,000 $2'�'�per«a/ $ 81,968 $2,000,000 per ooe./
$ 100,000 $ 90,013
No Aggregate Limit No Aggregate Limit _
Auto Physical Damage $ 31,364_ $ 33,816
Comprehensive& $ 5,000 Per Schedules $ 5,000 Per Schedule
• Collision Coverage j
Sub Total-liability&Automobile. ..- - _-iliermitiu 274,778 308,878
Workers'Compensation(Excess) _ I Statutory $ 101,277 I$ - $ 99,345
1 .
Payroll Basis $72,850,000.00 $74,000,000.00
SIR 500,000 500,000
Sub Total-Workers'Comp $ 101,277 $ 99,345
Package Premium: $ 970,067 $ 1,053,672
Service Fee $ 60,000 $ 60,000
Total Annual Premium $ 1,030,067 $ 1,113,672
$Increase or Decrease N/A $ 23,605
%Increase or Decrease N/A 2.3%