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 insurabl...
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