Explanation
Background: This ordinance authorizes the Finance and Management Director to renew a contract with Wells Fargo Insurance Services USA in the amount of $546,700.00 for insurance policy premiums, risk engineering services for certain city assets, and insurance brokerage. Pursuant to a Request for Proposals solicitation SA005700 issued by the Department of Finance and Management, Real Estate Management Office (REMO), for the provision of insurance brokerage and risk management services for the City's property (casualty), boiler and machinery, aviation insurance, general liability, and excess liability insurance programs, the City entered into a contract with Wells Fargo Insurance Services USA, Inc. for a five year period, consisting of an initial one-year term and four automatic consecutive one-year terms. Each of the automatic one year renewals are subject to appropriation of necessary funds by City Council and certification of availability of funds by the City Auditor. This original contract was authorized by Ordinance No. 0885-2015, passed on 04/22/2015. The current agreement is in effect through July 31, 2016.
This ordinance authorizes the Director of Finance and Management to pay the cost of the first of four (4) automatic one-year renewal terms of the insurance brokerage and engineering services contract with Wells Fargo Insurance Services USA, Inc. The renewal also binds coverage for the City 2016-2017 insurance programs and expends up to $395,000.00 from the Department of Finance and Management 2016 Budget and expends up to $151,700.00 from the Department of Public Safety 2016 General Fund Budget for payment of policy premiums. This ordinance also authorizes the Director of Finance and Management to approve any necessary changes in the City’s insurance programs, such as additions of buildings, aircraft, vehicles, modify coverage limits, and additions to type or lines of coverage during the 2016-2017 policy term.
The Contract Complian...
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