Explanation
Background: Pursuant to RFQ011046 and as authorized by Ordinance No. 0650-2019, the City entered into an Insurance Brokerage and Risk Engineering Services Contract with USI Insurance Services, LLC for an initial one-year term and four (4) additional automatic one-year renewals 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 Director of Finance and Management to renew the first of four (4) automatic one (1) year renewal terms of the Insurance Brokerage and Engineering Services Contract with USI Insurance Services, LLC; to bind coverage for all City insurance programs for the term August 1, 2020 through July 31, 2021; and to expend up to: $395,000.00 from the Department of Finance and Management 2020 budget, $150,000.00 from the Department of Public Safety 2020 budget, and up to $427,000.000 from the Department of Public Utilities 2020 budget for payment of brokerage and policy premiums associated with the City’s 2020-2021 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, aircraft, vehicles, modify coverage limits, and additions to type or lines of coverage during the 2020-2021 policy term.
The Contract Compliance Number for USI Insurance Services is 13-3771734 with an expiration date of 03/21/2021.
Fiscal Impact: The funding for this contract and the cost of all insurance premiums is budgeted and the funds are available within the Department of Finance and Management 2020 Employee Benefits Fund Budget ($395,000.00); the Department of Public Safety 2020 General Fund Budget ($150,000.00); and the Department of Public Utilities Water Operating Fund ($171,000.00), Sewer Operating Fund ($220,000.00) and Power Operating Fund ($36,000.00). This ordinance authorizes the expenditure of up to $9...
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