Label
Law/Risk Management
Coalition Insurance Solutions, Inc.
Merritt W. Green (x1037)
Revised
Title
Authorizing the Mayor to enter into a cyber-liability insurance policy with Coalition Insurance Solutions, Inc. to protect the City's cyber network for a period of one year; authorizing the expenditure of $50,000 from the City's Risk Management Fund for the payment of policy premium; waiving competitive procurement 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. Chubb Insurance Company has provided insurance coverage for the city for the past four years. Since the last renewal in April 2020, the Hylant Group has priced the market and negotiated a more reasonable rate charged to the City for the same insurance coverage with Coalition Insurance Solutions, Inc.; offering the same coverage limits, as well as maintaining the lower deductible for the same cyber liability insurance coverage. As a direct result, Coalition Insurance Solutions, Inc. offers the maximum and best coverage, inspection and protection support at the most reasonable and fair premium cost.
This commitment, from the City to Coalition Insurance Solutions, Inc., and from Coalition Insurance Solutions, Inc. 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.
The fiscal impact of this ordinance is as follows:
- The amount of funds requested: $50,000
- The expenditure budget line item: 7095-12000-1157001STDSTD
- New revenue generated (operational revenue, grants, if any): none
- Revenue budget line item (if any): none
- Are funds budgeted in the current fiscal year (yes/no) yes
- Is this a capital project (yes/no)? no
- If yes, is it new or existing (new/existing)? n/a
- What section of the City's Strategic Plan does this support:
o Excellence...
Click here for full text