R20-101 1 RESOLUTION NO.R20-101
2
3 A RESOLUTION OF THE CITY OF BOYNTON BEACH,FLORIDA
4 APPROVING THE PROPERTY, CASUALTY, AND WORKERS'
5 COMPENSATION INSURANCE COVERAGE WITH FLORIDA
6 MUNICIPAL INSURANCE TRUST (FMIT) AND AUTHORIZE
7 CITY MANAGER TO SIGN ALL REQUIRED DOCUMENTS FOR
8 THE TERM OF THE POLICY: OCTOBER 1, 2020 - SEPTEMBER
9 30,2021; AND PROVIDING AN EFFECTIVE DATE.
10
11 WHEREAS, The Gehring Group, the City's Risk Consultant, has identified and
12 negotiated with FMIT to provide excess insurance coverage for our self-insured risk
13 management program; and
14 WHEREAS,The FMIT program will provide an approximate 6.8% overall decrease
15 in premiums from $958,102 last fiscal year(FY 19/20)to a projected $893,069 this fiscal year
16 (FY 20/21); and
17 WHEREAS, staff recommends and the City Commission does hereby approve the
18 Property, Casualty and Workers Compensation insurance coverage with FMIT for an annual
19 amount of$893,069 for the period of October 1,2020 to September 30,2021.
20 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF
21 THE CITY OF BOYNTON BEACH,FLORIDA AS FOLLOWS:
22 Section 1. Each Whereas clause set forth above is true and correct and incorporated
23 herein by this reference.
24 Section 2. The City Commission hereby approves the renewal of the Property,
25 Casualty and Workers Compensation insurance coverage with FMIT for an annual amount of
26 $893,069 and authorizes the City Manager to sign the required documents for the policy term
27 October 1,2020 to September 30, 2021.
28
S:\CA\RESO\Property And Casualty General Liability Insurance Renewal(2020)-Reso.Docx
29 Section 3. This Resolution shall become effective immediately upon passage.
30
31 PASSED AND ADOPTED this r/S day of fpr, 2020
32 CITY OF BOYNTON BEACH, FLORIDA
33
34 YES NO
35
36 Mayor—Steven B. Grant .�
37
38 Vice-Mayor—Ty Penserga
39
40 Commissioner—Justin Katz ✓
41
42 Commissioner—Woodrow L. Hay c/-
43 43
44 Commissioner—Christina L. Romelus ✓
45
46 VOTE 5--a0
47
48 ATTEST:
49
50
51
5352
C tal Gibson, MMC
54 City Clerk
55
56
57 ;(Corporate Seal)
J
S:\CA\RESO\Property And Casualty General Liability Insurance Renewal(2020)-Reso.Docx
City of Boynton Beach G E H R I N G GROUP
Property,Casualty&Workers Compensation Insurance Evaluation .4 EMPLOYEE BENEFITS I RISK MANAGEMENT
2020-2021 Renewal Evaluation
Current Alternate
Preferred Governmental Insurance Trust Florida Municipal Insurance Trust
2019-2020 2020-2021
Coverage Deductible Coverage Limits Premium D- .ve-its Premium
$25,000 AOP $141,602,306 TIV $25,000 AOP $ 193,141,806 TIV1
Property 5%per Loc;min. Including Wind/Named $ 405,709 5%per Building Including Wind/Named $ 473,451
$35,000(NS) 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,Excl. Included in Property $25,000 Per Flood,Excl.
A,V,Excess of NFIP $ 5'�'� premium A,V,Excess of NFIP $ 5,000,000 Included in Property
Inland Marine Included in Property
Scheduled Varies $ 8,922,886 $ 16,400 r, $ 1,000 $ 2,062,037
Unscheduled Varies $ 1,000,000 Included' $ 500 $ 1,000,000
$25,000 AOP; Included in Property $25,000 AOP;
Equipment Breakdowns 5%Named Storm $ 50,000,000 premium 5%Named Storm $ 50,000,000 Included in Property
Crime Coverage $ 898 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 $ 423,007 $ 473,451
General Liability $ 200,000 $2,000,000 per occ./ $ 54,186 $ 200,000 $5,000,000 per occ./ $ 41,592
No Aggregate Limit No Aggregate Limit
Payroll Basis $58,814,974.00 $72,711,024.00
Network Security&Privacy Liability $ 200,000 $ 2,000,000 Included in POL/EPLI $ 200,000 $ 2,000,000
Public Official LiabIlity& $ 200 000 $4,000,000 per claim/ $ 68,416 $ 200 000 $5,000,000 per claim/
Employment Practices Liability _ $4,000,000 agg. No Aggregate Limit. $ 85,851
Law Enforcement Liability $ 200 000 $2,000,000 Per occ./ $ 183,325 $ 200,000 $5,000,000 per claim/ $ 25,562
No Aggregate LimitNo Aggregate Limit.
$2,000,000 per occ./ $2,000,000 per occ./
Auto Liability $ 100,000 No Aggregate Limit $ 49,687 $ 100,000 No Aggregate Limit $ 102,367
Auto Physical Damage $ 30,573 Included in above
Comprehensive&
Collision Coverage $ 5,000 Per Schedule $ 5,000 Per Schedule
Sub Total-Uability&Automobile $ 386,187 $ 255,372
Workers'Compensation(Excess) Statutory $ 148,908 $ - Statutory $ 104,246
Payroll Basis $58,814,974.00 _ _ $72,711,024.00
SIR 500,000 500,000
Sub Total-Workers'Comp $ 148,908 $ 104 246
Package Premium: $ 958,102 $ 833,069
Service Fee Included $ 60,000
Total Annual Premium $ 958,102 $ 893,069
$Increase or Decrease N/A $ (65,033)
Increase or Decrease N/A -6.8%