Explanation
BACKGROUND:
The Department of Human Resources, Employee Benefits/Risk Management section, conducted a Request for Proposal (RFP), in July of 2005, to obtain property insurance and loss control engineering services for select City properties. The City selected Arthur J. Gallagher & Company to administer the property insurance policy for a three year period, renewable on an annual basis.
The proposed insurance carrier, FM Affiliated Insurance Co., will provide blanket building coverage, for select city properties and has an A.M. Best's Rating of A+ and a XV (2,000,000) Financial Size, a requirement of the City of Columbus. The insurance coverage policy is effective August 1, 2007, for a period of one year, with an annual renewal option through an escalator clause. An annual $100,000 deductible applies.
Arthur J. Gallagher & Company
Contract Compliance No. 34-1282846
This ordinance is being requested as an emergency measure to expedite payment to the insurance carrier.
Fiscal Impact:
To enter into contract with Arthur J. Gallagher & Company. The financial obligation for this contract is $233,642.00. Payment will be made from the Employee Benefits Fund of the Human Resources Department.
Title
To authorize the Director of the Department of Human Resources to enter into contract with Arthur J. Gallagher & Co., to provide property insurance on selected city properties on an annual basis; to authorize and direct the expenditures of $233,642.00, and to declare an emergency. ($233,642.00)
Body
WHEREAS, the City of Columbus needs to enter into contract for property insurance and engineering services for its select city properties; and
WHEREAS, it is necessary to authorize the expenditure of $233,642.00; and
WHEREAS, an emergency exists in the usual daily operations of the Department of Human Resources in that it is immediately necessary to extend the contract for the renewal of insurance for property...
Click here for full text