Explanation
Background: Pursuant to RFQ026631 and as authorized by Ordinance No. 0864-2024, the City entered into an Insurance Brokerage and Risk Engineering Services Contract with USI Insurance Services, LLC for an initial one-year term with four (4) additional automatic one-year renewal terms with each renewal term subject to the appropriation of funds by City Council and the certification of funds availability by the City Auditor.
This ordinance authorizes the expenditure of funds for the initial term of the Insurance Brokerage and Engineering Services Contract with USI Insurance Services, LLC; the binding of coverage for all City insurance programs for the term August 1, 2024 through July 31, 2025; the expenditure of up to $567,500.00 from the Department of Finance and Management 2024 budget; the expenditure of $169,423.00 from the Department of Public Safety 2024 budget, the expenditure of up to $564,970.00 from the Department of Public Utilities 2024 budget, the expenditure of $55,204.00 from the Department of Public Service 2024 budget for payment of brokerage and policy premiums associated with the City’s 2024-2025 insurance programs. This ordinance also authorizes the Director of Finance and Management to approve any necessary changes in the City's insurance program, such as additions of buildings, aircrafts, vehicles, modify coverage limits, and additions to type or lines of coverage during the 2024-2025 policy term.
The Contract Compliance Number for USI Insurance Services is CC-028916.
Fiscal Impact: The funding for this contract and the cost of all insurance premiums associated with insurance coverage necessary to protect City assets is budgeted and the funds are available within the Department of Finance and Management 2024 General Fund Budget ($567,500.00); the Department of Public Safety 2024 General Fund Budget ($169,423.00); the Department of Public Utilities Water Operating Fund ($300,580.00), Sewer Operating Fund ($257,700.00) and Power...
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