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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 ,-- 4• MLA.1 ,- -°°—'''..------71 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, �/ �/ 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%