File #: O-195-18    Version: 1 Name:
Type: Ordinance Status: Approved
File created: 5/10/2018 In control: Law Department
On agenda: 5/22/2018 Final action: 5/22/2018
Title: Authorizing the Mayor to purchase an insurance policy covering city property with Fireman's Fund Insurance Company for a period of one year; further authorizing the estimated expenditure of $346,000 subject to premium increase and/or decrease from adjustments in insurable values from the city's Risk Management Fund; waiving competitive procurement requirements of TMC 187; and declaring an emergency.

 

Label

Fireman’s Fund Insurance

Law/Risk Management

Merritt W. Green (x1037)

 

Title

Authorizing the Mayor to purchase an insurance policy covering city property with Fireman’s Fund Insurance Company for a period of one year; further authorizing the estimated expenditure of $346,000 subject to premium increase and/or decrease from adjustments in insurable values from the city's Risk Management Fund; waiving competitive procurement requirements of TMC 187; and declaring an emergency.

 

Body

SUMMARY & BACKGROUND:

The city maintains a blanket “all-risk” insurance policy covering its property. Fireman’s Fund Insurance Company has provided insurance coverage for the city for the past four years. Since the last ordinance was passed in June 2014, the Hylant Group has priced the market and negotiated 10% lower rate charged to the city for the same insurance coverage with Fireman’s Fund Insurance Company; offering the same coverage limits, as well as maintaining the lower deductible for the insurance coverage of the city’s sewer lines at a substantially lower rate/premium. As a direct result, Fireman’s Fund Insurance Company offers the maximum and best coverage, inspection and engineering support at the most reasonable and fair premium cost.

 

This commitment, from the city to Fireman’s Fund Insurance Company, and from Fireman’s Fund Insurance Company to the city, serves as the basis for the most favorable outcome both in coverage and in working with us to further develop and implement loss prevention measures. The agreement will be for a term not to exceed one year.

 

Summary

NOW, THEREFORE, Be it ordained by the Council of the City of Toledo:

 

SECTION 1.                      That the mayor is authorized to purchase the blanket “all risk” property insurance policy with Fireman’s Fund Insurance Company through the Hylant Group with a policy period June 1, 2018 to June 1, 2019 in the estimated amount of $346,000, subject to premium increase and/or decrease from adjustments in insurable values.

 

SECTION 2.                      That the Director of Finance is authorized to draw her warrant or warrants against Account Code 7095-12000-1157001STDSTD of the Risk Management Fund in payment of the obligation authorized above upon presentation of the proper voucher or vouchers.

 

SECTION 3.                     That the mayor is authorized to execute the necessary insurance contract for the purchase of an insurance policy to cover the city’s property from Fireman’s Fund Insurance Company and waive the competitive procurement requirements of TMC 187 for the reason that reduced renewal rate saves the city over $40,000 at a time when property market rates are increasing.

 

SECTION 4. That this Ordinance is declared to be an emergency measure and shall be in force and effect from and after its passage.  The reason for the emergency lies in the fact that the same is necessary for the immediate preservation of the public peace, health, safety and property, and for the further reason that the Ordinance must be immediately effective to provide insurance protection for the real and personal property of the city of Toledo.

 

                     

 

 

 

 

 

 

 

 

Vote on emergency clause:  yeas _____, nays _____.

 

                     Passed:  _________________, as an emergency measure:  yeas _____, nays _____.

 

 

Attest:  ________________________                                              __________________________________

                            Clerk of Council                                                                           President of Council

 

                     

Approved:  _____________________                                          __________________________________

                                                                                                                                                                                                   Mayor

 

 

                     I hereby certify that the above is a true and correct copy of an Ordinance passed by Council ________________________.

 

 

Attest:  ________________________

                    Clerk of Council