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| Resolution | NO. 221 |
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| | | | | | | | | A Resolution authorizing a renewal of excess liability insurance with Catlin Specialty Insurance Company and American Alternative Insurance Corp, for one year beginning 10-1-2015 at a cost of $236,872.00. | | | |
| | | | | | | | | BATTLE CREEK, MICHIGAN - 9/15/2015 | | | |
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Resolved by the Commission of the City of Battle Creek:
The City Manager is authorized to accept the proposal to purchase, through HUB International, a renewal of excess liability insurance with Catlin Specialty Insurance Company and American Alternative Insurance Corp. for one year beginning 10-1-2015, at a cost of $236,872.00.
I, Victoria Houser, City Clerk of the City of Battle Creek, hereby certify the above and foregoing is a true and correct copy of a Resolution adopted by the Battle Creek City Commission at a Regular meeting held on September 15, 2015.
Victoria Houser
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| | | | | | | | | Battle Creek City Commission
9/15/2015
Action Summary | | | |
| | | | | | | | | | Staff Member: | Susan E. Bedsole, Asst. City Manager | | Department: | City Manager |
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| | | | | | | | | SUMMARY
| A Resolution authorizing a renewal of excess liability insurance with Catlin Specialty Insurance Company and American Alternative Insurance Corp, for one year beginning 10-1-2015 at a cost of $236,872.00.
| BUDGETARY CONSIDERATIONS
| | Renewal of insurance is a budgeted expense and is allocated to department budgets. The combined cost of this renewal is $236,872.00 and will be charged to account No. 642.08.9260.820.030, Self-Insurance Fund, General Liability Operating/Liability Insurance where funds are budgeted. This renewal amount represents a $1,890 increase from the expiring policy. |
HISTORY, BACKGROUND and DISCUSSION
| The City has carried excess liability coverage since 1999, and it is prudent to protect the City's Self-Insurance fund and other financial resources by insuring against very large liability claims, while still providing flexibility and efficiency. The City's broker of record, Hub International, after marketing our program to the insurance industry has recommended renewal of our current program. The proposals from Catlin Specialty and American Alternative are identical to expiring contracts.
Catlin Specialty will continue to provide a $5 million excess of a self-insured retention of $1 million per occurrence/$2.5 million aggregate. American Alaternative will also continue to provide $ 5 million per occurrence in excess of the first layer.
| DISCUSSION OF THE ISSUE
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| POSITIONS
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