Label
Coalition Insurance Solutions, Inc.
Law/Risk Management
Merritt W. Green (x1037)
Revised
Title
Authorizing the Mayor to purchase a cyber liability insurance policy from Coalition Insurance Solutions, Inc. for the purpose of protecting the City’s cyber network for a period of one year with an option to renew for three additional one-year periods subject to annual appropriations; authorizing the annual expenditure of $140,632 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” cyber liability insurance policy covering its cyber network. Coalition Insurance Solutions, Inc. has provided insurance coverage for the city for the past year. Since the last renewal in May 2021, the Hylant Group has again priced the market and negotiated the most reasonable rate charged to the City for the same insurance coverage with Coalition Insurance Solutions, Inc. Coalition Insurance Solutions, Inc. is offering the same coverage limits, as well as maintaining the lower deductible for the same cyber liability insurance coverage. As a direct result, Coalition Insurance Solutions, Inc. offers the maximum and best coverage, inspection and protection support at the most reasonable and fair premium cost.
The most recent ordinance authorizing the Mayor to enter into a contract for cyber insurance was passed in June 2021. The authorization now is for one year with the option of renewing for three additional one-year periods. This commitment, from the City to Coalition Insurance Solutions, Inc., and from Coalition Insurance Solutions, Inc. to the City, serves as the basis for the most favorable outcome both in coverage and in working with the City to further develop and implement loss prevention measures.
Summary
NOW, THEREFORE, Be it ordained by the Council of the City of Toledo:
SECTION 1. The Mayor is authorized to purchase a blanket “all risk” cyber liability insurance policy with Coalition Insurance Solutions, Inc. through the Hylant Group with a policy period of May 1, 2022 through May 1, 2023 and the option to renew for three additional one-year periods in the amount of $140,632 annually.
SECTION 2. That subject to future appropriations the expenditure of an amount not to exceed $140,632 annually is authorized from the Risk Management Fund Account Code 7095-12000-1157001STDSTD for the purpose and over the term specified in Section 1.
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 from Coalition Insurance Solutions, Inc. and waive the competitive procurement requirements of TMC 187 for the reason that the premium rate provides the city with the best and current coverage at a time when cyber liability insurance rates have substantially increased and continue to rise.
SECTION 4. The Director of Finance is authorized to draw his warrant or warrants against Account Code 7095-12000-1157001STDSTD of the Risk Management Fund in payment of the obligation authorized in amounts not to exceed those authorized above upon presentation of the proper voucher or vouchers.
SECTION 5. 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 cyber liability insurance protection for 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