Impact
WARD: Ward
COMMITTEE:
$ IMPACT: $344,735
Title
Approval of Property/Liability insurance renewal with Georgia Local Government Risk Management Agency (GIRMA) and authorize Mayor to execute any related documents
Body
ISSUE: Annual renewal of Property/Liability Insurance coverage
BACKGROUND: The city maintains property/liability insurance with an annual coverage period of May - April. The current coverage expires 4/30/14. Rates are based on a 3-year look back (2010 - 2012 for coming renewal). Due to an increase in activity in 2012 and recent appraisal of all City property covered, the City will see a 4.2% increase in costs for the coming period. The increase, however, will be offset in part by an annual dividend payout/credit issued by GIRMA at time of renewal.
RECOMMENDATION/REQUESTED ACTION: Approval of Property/Liability insurance renewal with Georgia Local Government Risk Management Agency (GIRMA) and authorize Mayor to execute any related documents