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 in Basic Services (yes/no) yes
o Quality Community Investment (Livable City, Development) (yes/no) no
o Workplace Culture & Customer Service (yes/no) yes
o Environment (yes/no) no
Summary
NOW, THEREFORE, Be it ordained by the Council of the City of Toledo:
SECTION 1. The Mayor is authorized to purchase the blanket “all risk” cyber liability insurance policy with Coalition Insurance Solutions, Inc. through the Hylant Group with a policy period of April 15, 2021 through April 15, 2022 in the amount of $50,000.
SECTION 2. That the expenditure of an amount not to exceed $50,000 is authorized from the Risk Management Fund Account Code 7095-12000-1157001STDSTD for the purpose specified in Section 1.
SECTION 3. That this Council finds and determines it is in the best interests of the City to waive the competitive procurement requirements of TMC 187 for the reason that the City’s insurance advisor, Hylant Group, has informed the City that the premium rate, policy coverage and limits available from Coalition Insurance Solutions, Inc. provides the City with the best and current coverage at a time when cyber liability insurance rates have substantially increased and continue to rise.
SECTION 4. The Director of Finance is authorized to draw warrant or warrants against the above Account Code in an amount not to exceed $50,000 in payment of the obligation authorized above upon presentation of the proper voucher or vouchers.
SECTION 5. That this Ordinance is declared to be an emergency measure and shall be in force and effect from and after its passage. The reason for the emergency lies in the fact that the same is necessary for the immediate preservation of the public peace, health, safety and property, and for the further reason that the Ordinance must be immediately effective to prevent a lapse in cyber liability insurance protection for the City of Toledo.
Vote on emergency clause: yeas 11, nays 0.
Passed: June 8, 2021, as an emergency measure: yeas 11, nays 0.
Attest:
Gerald E. Dendinger Cerssandra McPherson
Clerk of Council President Pro Tempore of Council
Approved: June 8, 2021
Wade Kapszukiewicz
Mayor