Label
Great American Insurance Company
Law/Risk Management
Merritt W. Green (x1037)
Revised
Title
Authorizing the Mayor to purchase a boat insurance policy for the City's FireStorm 36 Rescue Vessel for one year with an option to renew for three additional one-year periods subject to available annual appropriation; authorizing the expenditure from the Risk Management Fund; waiving competitive procurement requirements of TMC 187; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
The city maintains a blanket "all-risk" Boat/Yacht insurance policy covering its vessels operated by the Toledo fire & Rescue Department. Great American Insurance Company has provided insurance coverage for the city for the past year. Since the last renewal, Knight Insurance Group has priced the market and negotiated the most reasonable rate charged to the City for the insurance coverage with Great American Insurance Company. Great American Insurance Company is offering the full coverage limits, as well as maintaining the lower deductible for all-risk insurance coverage. As a direct result, Great American Insurance Company offers the maximum and best coverage, inspection and protection support at the most reasonable and fair premium cost.
The authorization now, is for one year with the option of renewing for three additional one-year periods. This commitment, from the City to Great American Insurance Company, and from Great American 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 authorized execute a contract to purchase blanket "all risk" commercial boat/yacht insurance policy with Great American Insurance Company through the Knight Insurance Group with a policy period May 4, 2024 through May 4, 2025 in the amount of $10,501 with a...
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