title
Approve Annual Renewal of City Insurance Policies
recommendation
That the City Council approve the following insurance policies and renewals and appropriate an additional $83,000 to Fund 300 - Insurance to cover the increased premiums:
1. 1st Excess Liability insurance with Illinois Union Insurance Company, in the amount of $347,099.58, for the period of July 1, 2023 to July 1, 2024; and
2. 2nd Excess Liability insurance with Princeton Excess and Surplus Lines Insurance Company, in the amount of $305,447.88, for the period of July 1, 2023 to July 1, 2024; and
3. 3rd Excess Liability insurance with Starstone Specialty Insurance Company, in the amount of $260,667.90, for the period of July 1, 2023 to July 1, 2024; and
4. Excess Workers’ Compensation insurance with Arch Insurance Company, in the amount of $155,584.00, for the period of July 1, 2023 to July 1, 2024; and
5. Property & Equipment Breakdown insurance with Hanover Insurance Company, in the amount of $168,130.35 for the period of July 1, 2023 to July 1, 2024; and
6. Difference in Conditions (Earth Movement and Flood) insurance with Steadfast Insurance Company and QBE Specialty Insurance Company in the amount of $350,605.64, for the period of July 1, 2023 to July 1, 2024; and
7. Auto Physical Damage insurance with Hanover Insurance Company, in the amount of $25,783.00, for the period of July 1, 2023 to July 1, 2024; and
8. Cyber Liability insurance with Houston Casualty Company, in the amount of $51,750.97, for the period of July 1, 2023 to July 1, 2024; and
9. Crime insurance with Allmerica Financial Benefit Insurance Company, in the amount of $2,660.00, for the period of July 1, 2023 to July 1, 2024; and
10. Pollution/Environmental Legal Liability insurance with Illinois Union Insurance Company, in the amount of $10,978.41, for the period of July 1, 2023 to July 1, 2024; and
11. Volunteer Accident insurance with Berkley Life & Health Insurance Company, in the amount of $976.80, for the period of July 1, 2023 to July 1, 2024; and
12. Standalone Terrorism Liability, Business Interruption, and Property Damage insurance with Lloyd’s Syndicate 33, in the amount of $8,234.25, for the period of July 1, 2023 to July 1, 2024; and
13. Drone Coverage with ACE American Insurance Company, in the amount of $3,456.00, for the period of July 1, 2023 to July 1, 2024.