HomeMy WebLinkAbout~Master - 2016/17 property insurance renewal for Power and Municipal properties RESOLUTION NO. 16-293
RESOLUTION APPROVING RENEWAL OF PROPERTY INSURANCE PROGRAM
FOR 2016/17 ANNUAL PREMIUM FOR POWER AND MUNICIPAL PROPERTIES
FOR THE CITY OF AMES
WHEREAS, the City contracts with Willis of Illinois, Inc., to provide property insurance
brokerage services for the City's property insurance program, and the insurance program requires
annual renewals of two components; and,
WHEREAS, the first is extending the City's agreement with Willis for property insurance
brokerage services,and the second is accepting the actual renewal premium quotations for the City's
property insurance program; and,
WHEREAS,besides approving the one-year extension of Willis' contract,Council is asked
to consider renewal premium quotations for the two-part insurance program; and,
WHEREAS, the quotation proposals from the expiring insurance companies, Chubb
(Municipal)and AEGIS (Power related)have been received, and the total insurance premiums are
$643,939; and,
WHEREAS, in addition to the $643,939 for premiums, Willis' annual brokerage fee is
$45,000; therefore, the total cost of the two-part property insurance program is $688,939.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that the proposed 2016/17 annual premium for "Municipal" and "Power"properties, brokered by
Willis of Illinois,Inc., of$643,939,with Willis' annual brokerage fee of$45,000,for a total cost of
$688,939 is hereby approved.
ADOPTED THIS 24th day of May, 2016.
A.
Diane R. Voss, City Clerk Ann H. Campbell, Mayor
Introduced by: Nelson
Seconded by: Corrieri
Voting aye: Beatty-Hansen, Corrieri, Gartin,Nelson, Orazem
Voting nay: None Absent: Betcher
Resolution declared adopted and signed by the Mayor this 24t'day of May, 2016.