Label
Markel American Insurance Company
Law/Risk Management
Merritt W. Green (x1037)
Revised
Title
Authorizing the Mayor to purchase a Commercial Boat/Yacht insurance policy from Markel American Insurance Company protecting City's North River Sounder dive boat and trailer 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 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" Boat/Yacht insurance policy covering its vessels operated by the Toledo fire & Rescue Department. Markel American Insurance Company has provided insurance coverage for the city for the past year. Since the last renewal, USI Insurance Services LLC has again priced the market and negotiated the most reasonable rate charged to the City for the same insurance coverage with Markel American Insurance Company. Markel American Insurance Company is offering the same coverage limits, as well as maintaining the lower deductible for the same all-risk insurance coverage. As a direct result, Markel 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 Markel American Insurance Company, and from Markel 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 the blanket "all risk" commercial boat/yacht insurance policy with Markel American...
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