Label
Fireman's Fund Insurance
Law Department
T. 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 with an option to renew for three additional one year periods subject to available annual appropriation; further authorizing the expenditure of $299,985.00 subject to increase and/or decrease in insurable values from the City's Risk Management Fund; 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 over five years. Since the last ordinance was passed in May 2018, the Hylant Group has priced the market and negotiated a 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 lowest premium cost.
The last ordinance authorizing the Mayor to enter into a contract for property insurance was passed in May 22, 2018. The authorization now is for one year with the option of renewing for three additional one-year periods. 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 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 hereby authorized and directed to purchase the blanket "all risk" property insurance policy with Fireman's Fund Insurance Company through the Hylan...
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