Impact
WARD / COUNCILMEMBER: Citywide
$ IMPACT: $647,289
Title
Approval of Property/Liability Insurance annual renewal with Georgia Local Government Risk Management Agency (GIRMA) for $632,489 and approval to bind Excess ($1M) Cyber Liability coverage with Crum and Forrester for $14,800 and authorize Mayor to execute related documents
Body
ISSUE AND BACKGROUND:
The City maintains property & liability insurance with an annual coverage period of May 1 - April 30. Rates are based on a 5-year look back period. Total premium represents an increase in premiums of $5,178, less than 1%.
With the cyber market being incredibly challenging for public entities, the City's excess Cyber Liability renewal with Chubb was quoted as $16,789, a 125% rate increase. Our broker, Willis Towers Watson, went to market and secured a quote from Crum and Forrester at $14,800, a 99% increase. The broker recommends Crum and Forrester for the policy period May 1, 2021 - April 30, 2022.
RECOMMENDATION / REQUESTED ACTION: Approval of Property/Liability Insurance annual renewal, effective May 1, 2021, with Georgia Local Government Risk Management Agency (GIRMA) for $632,489 and approval to bind Excess ($1M) Cyber Liability coverage effective May 1, 2021 with Crum and Forrester for $14,800 and authorize Mayor to execute related documents.