Impact
WARD: Ward 2
COMMITTEE: Human Resources
$ IMPACT: $484,285
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 4/30/17. Rates are based on a 5-year look back (5/2011 - 4/2016). Due to an increase in loss claims activity (especially from the liability side), the City will see an increase in premiums ($68,179) and an increase in General and Law Enforcement liability deductibles (from $10k to $25k) for the coming period.
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