Explanation
Background: On December 22, 2023, the Department of Finance and Management, Real Estate Management Office, solicited a Request for Proposals (RFP) for Insurance Brokerage and Risk Engineering Services for Property Casualty, Boiler & Machinery, Aviation, General Liability, and Excess Liability Insurance (RFQ026631). The Real Estate Management Office (REMO) sought to identify qualified insurance brokers, insurance agencies, or insurance agents to provide insurance brokerage services for the City’s property casualty, boiler & machinery, aviation, general liability, and excess liability insurance programs.
Responses to the RFP solicitation were due January 25, 2024. The City received two (2) proposals. A committee of three (3) members evaluated and scored the proposals. The proposal submitted by USI Insurance Services, LLC received the highest total point score and scored significantly higher in both the ability and pricing categories. The committee recommended USI Insurance Services, LLC as the responder best qualified to provide insurance brokerage and risk management services to the City.
The City’s current insurance brokerage and risk engineering services contract expires on April 30, 2024. The City desires to establish a five (5) year contractual relationship with USI Insurance Services, LLC as the City’s insurance broker by a contract with an initial one-year term commencing May 1, 2024 and four (4) additional consecutive automatic one-year renewals. Each renewal term being subject to the appropriation of funds by City Council and the certification of funds availability by the City Auditor. The insurance brokerage and risk engineering service fee for the initial one-year term and first renewal term will be $52,000.00. Funds for the initial term are budgeted and available within the Finance and Management 2024 General Revenue Budget.
This ordinance authorizes the Director of Finance and Management to award and enter into a contract with USI...
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