The URL can be used to link to this page

Home My WebLink About~Master - Renewal of Property Insurance Coverages RESOLUTION NO. 18-397 RESOLUTION APPROVING RENEWAL OF PROPERTY INSURANCE COVERAGES FOR FY 2018/19 FOR THE CITY OF AMES WHEREAS, the City contracts with Willis of Greater Kansas, Inc., to provide property insurance brokerage services for the City's property insurance program; and, WHEREAS, staff had instructed Willis to market the City's Power Plant insurance program to ensure that the City is receiving the best price for the best product and Willis has obtained quotes from property insurance coverage for FY 2018/19; and, WHEREAS,the City's property insurance program is split into two main components: 1)the "Power" component, which covers Resource Recovery, the Power Plant, and assets related to the Electric Services's infrastructure and has been underwritten by Associated Electric and Gas Insurance Services(AEGIS)since 2012;and,2)the"Municipal"component,which covers all other City property and has been underwritten by Chubb Insurance Group since 2012; and, WHEREAS, splitting the City's insurance coverage into two major components allows for an optimization of terms and pricing to fit each insurer's specialty, rather than placing all City property under a one-size-fits-all program; and, WHEREAS, as with prior years through Willis, the Municipal and Flood Coverage in the renewal proposal comes from Chubb (municipal property) and RSUI (flood insurance); and, WHEREAS, City staff also instructed Willis to market the Power facility renewal; and, WHEREAS, Starr Tech provided the best quote for slightly better coverage than previously provided by AEGIS, which resulted in a significant savings for the City, and Starr Tech has also guaranteed their rate for two years; and, WHEREAS,the FY 2018/19 budget includes $694,835 for the property program premiums. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa, that the renewal for the property insurance program coverage at the combined quoted premium of $599,019 for FY 2018/19, is hereby approved. ADOPTED THIS 26`h day of June, 2018. �CJY� Diane R. Voss, City Clerk John A. Haila, Mayor Introduced by: Betcher Seconded by: Beatty-Hansen Voting aye: Beatty-Hansen, Betcher, Corrieri, Gartin, Martin,Nelson Voting nay: None Absent: None Resolution declared adopted and signed by the Mayor this 26t1i day of June, 2018.