Label
Fireman's Fund Insurance
Law Department
T. Green (x1037)
Revised
Title
Authorizing the Mayor to purchase an insurance policy covering City property with Fireman's Fund Insurance Company for a period of one year with an option to renew for three one-year periods subject to available annual appropriation; authorizing the expenditure of $579,520 annually subject to increase and/or decrease in insurable values from the Risk Management Fund; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
The City maintains a blanket "all-risk" insurance policy covering its property, and Fireman's Fund Insurance Company has provided insurance coverage for the City for over nine years. Since the last renewal, the City conducted a comprehensive RFP for the upcoming renewal period and as a result awarded the contract to the Hylant Group to provide property insurance through Fireman's Fund Insurance Company; offering the same coverage limits for the City's property, as well as maintaining the lower deductible for the insurance coverage of the City's sewer lines.
As a direct result, Fireman's Fund Insurance Company offers the maximum and best coverage, inspection and engineering support at the lowest premium cost.
The last ordinance authorizing the Mayor to enter into a contract for property insurance was passed in May 28, 2019. The authorization now is for one year with the option of renewing for three one-year periods. 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 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 the blanket "all risk" property insurance policy with Fireman's Fund Insurance Company through the Hylant Group with a policy period June 1,...
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