Label
Cyber Insurance
Law/Risk Management
M. Walton (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 $109,813 from the Risk Management Fund; waiving the formal competitive bidding 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. ("Coalition") has provided insurance coverage for the city for the past year. Since the last renewal in May 2025, the Hylant Group has again priced the market and negotiated the most reasonable rate charged to the City for the insurance coverage with Coalition, which offers the maximum and best coverage, inspection, and protection support at the most reasonable and fair premium cost.
This ordinance authorizes the Mayor to enter into a contract for cyber insurance for the period from May 1, 2026 to May 1, 2027 with the option of renewing for three additional one-year periods subject to annual appropriations. This commitment, from the City to Coalition and from Coalition to the City is a favorable outcome for the City both in terms of liability coverage and in providing the City with additional tools to develop and implement cybersecurity safeguards and protections.
Summary
NOW THEREFORE Be it ordained by the Council of the City of Toledo:
SECTION 1. The Mayor is authorized to enter into an agreement for the purchase of a blanket "all risk" cyber liability insurance policy with Coalition Insurance Solutions, Inc. through the Hylant Group with a policy period of May 1, 2026 through May 1, 2027 and the option to renew for three additional one-year periods subj...
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