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| Resolution | NO. 148 |
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| | | | | | | | | A Resolution authorizing the City Manager to renew the City's liability and property insurance coverage with Michigan Municipal Risk Management Authority (MMRMA) through IBEX Insurance Company for a one-year term beginning on July 1, 2017. | | | |
| | | | | | | | | BATTLE CREEK, MICHIGAN - 6/20/2017 | | | |
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Resolved by the Commission of the City of Battle Creek:
That, the City Manager is authorized to renew the City's property and liability insurance coverage with MMRMA through IBEX Insurance Company, for a one-year term beginning on July 1, 2017.
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 June 20, 2017.
Victoria Houser
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| | | | | | | | | Battle Creek City Commission
6/20/2017
Action Summary | | | |
| | | | | | | | | | Staff Member: | Shawna M Allen | | Department: | City Manager |
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| | | | | | | | | SUMMARY
| A Resolution authorizing the City Manager to renew the City's liability and property insurance coverage with Michigan Municipal Risk Management Authority (MMRMA) through IBEX Insurance Company for a one-year term beginning on July 1, 2017.
| BUDGETARY CONSIDERATIONS
| Renewal of insurance is a budgeted expense and will be allocated to department budgets The combined cost of this policy is $540,905 and will be charged as follows:
$170,734 - 642.08.9277.820.020 Insurance and Bonds Property Premium
$370,171 - 642.08.9260.820.040.Insurance and Bonds Liability Premium |
HISTORY, BACKGROUND and DISCUSSION
| Last year the City went through a competitive bid process to select a property and liablity insurance carrier. MMRMA was selected based on price and value added to the city. This would be the second year of participation for the City of Battle Creek in the MMRMA through IBEX Insurance company. This renewal represents a 5.3% increase from last year. The increase can primarily be attributed to an increased value in Fire vehicles and equipment, an increase in police officers with arresting authority, and market change. Please see the attached memo for a detailed description of the rate increase along with the realized benefits of being an MMRMA member.
The City has been provided coverage by this specialized property program designed for public entity coverage. MMRMA continues to be our best source for property protection.
Michigan Municipal Risk Management Authority is a public entity self-insurance pool that provides liability and property coverage to municipal governmental entities across Michigan.
| DISCUSSION OF THE ISSUE
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| POSITIONS
| | The Risk Management department supports this contract with Michigan Municipal Risk Management Authority (MMRMA) through IBEX Insurance Company. |
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