Label
Coalition Insurance Solutions, Inc.
Law/Risk Management
Merritt W. Green (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 $140,632 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" cyber liability insurance policy covering its cyber network. Coalition Insurance Solutions, Inc. has provided insurance coverage for the city for the past year. Since the last renewal in May 2021, the Hylant Group has again priced the market and negotiated the most reasonable rate charged to the City for the same insurance coverage with Coalition Insurance Solutions, Inc. Coalition Insurance Solutions, Inc. is 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.
The most recent ordinance authorizing the Mayor to enter into a contract for cyber insurance was passed in June 2021. The authorization now is for one year with the option of renewing for three additional one-year periods. 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.
Summary
NOW, THEREFORE, Be it ordained by the Council of the City of Toledo:
SECTION 1. The Mayor is authorized to purchase a bl...
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