HomeMy WebLinkAboutCity of Tamarac Resolution R-2017-094Temp. Reso #12991
August 31, 2017
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CITY OF TAMARAC, FLORIDA
RESOLUTION NO. R-2017--
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF TAMARAC, FLORIDA; AUTHORIZING THE
RENEWAL OF GENERAL LIABILITY, AUTOMOBILE
LIABILITY, AUTOMOBILE PHYSICAL DAMAGE,
WORKERS' COMPENSATION, AND PROPERTY LINES
OF COVERAGE WITH THE FLORIDA MUNICIPAL
INSURANCE TRUST (FMIT) FOR A ONE (1) YEAR
PERIOD BEGINNING OCTOBER 1, 2017 AT A COST
OF $897,445 AND PAYMENT OF ANY INCREASE
RESULTING FROM THE ANNUAL PREMIUM AUDIT,
AUTHORIZING PAYMENT OF AN INSURANCE
OPTION TO INCREASE THE GENERAL LIABILITY
COVERAGE LIMIT TO $5,000,000 FOR A COST OF
$26,163; PROVIDING FOR CONFLICTS; PROVIDING
FOR SEVERABILITY; AND PROVIDING FOR AN
EFFECTIVE DATE.
WHEREAS, the City of Tamarac currently holds several lines of insurance
coverage with the Florida Municipal Insurance Trust (FMIT); and
WHEREAS, the City's policies with the FMIT for General Liability,
Automobile Liability, Automobile Physical Damage, Workers' Compensation, and
Property expire October 1, 2017; and
WHEREAS, the FMIT has submitted renewal premiums to the City; and
WHEREAS, if the City renews its lines of coverage, the FMIT will provide
payment for all defense costs incurred with the City being responsible for
Temp. Reso #12991
August 31, 2017
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settlement and judgment costs up to $10,000 for Automobile Physical Damage,
$25,000 per claim for General Liability, Automobile Liability, and Workers'
Compensation claims, and $50,000 for Property Damage; and
WHEREAS, the City's policies with the FMIT for General Liability,
Automobile Liability, Automobile Physical Damage, Workers' Compensation and
Property are quoted as an estimated premium, and are subject to an adjustment
based on the annual premium audit; and
WHEREAS, the FMIT's Board of Trustees has approved the return of
property premium for renewing members that participated in the Trust's property
program in the 2015-2016 Fund Year and the City of Tamarac can expect to
receive at least $38,271 in return of premium should the City elect to renew
coverages for the 2017-2018 policy year; and
WHEREAS, it is the recommendation of the City Manager and the Director
of Human Resources that the City renew its General Liability, Automobile
Liability, Automobile Physical Damage, Workers' Compensation and Property
lines of coverage with the FMIT for a one year period beginning on October 1,
2017 based on the renewal quote of $897,445 as submitted by the FMIT
(attached as Exhibit 1) and to pay any additional premium resulting from the
annual premium audit which has been approved by the City Manager after
notification to the City Commission, and
Temp. Reso #12991
August 31, 2017
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WHEREAS, it is the recommendation of the City Manager and the Director
of Human Resources to select additional General Liability coverage, which
increases the City's General Liability coverage from $2,000,000 to $5,000,000,
for an additional cost of $26,163 (attached as Exhibit 1) to add additional
insurance coverage enhancements to the City's insurance program; and
WHEREAS, the City Commission of the City of Tamarac, Florida, deems it
to be in the best interest of the citizens and residents of the City of Tamarac to
renew the City's General Liability, Automobile Liability, Automobile Physical
Damage, Workers' Compensation and Property lines of coverage and select the
option to enhance the City's General Liability insurance coverage with the FMIT
for a one-year period beginning on October 1, 2017 as outlined above.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF
THE CITY OF TAMARAC, FLORIDA:
SECTION 1: The foregoing "WHEREAS" clauses are hereby ratified and
confirmed as being true and correct and are hereby made a specific part of this
Resolution. All exhibits attached hereto are incorporated herein and made a
specific part of this Resolution.
Temp. Reso #12991
August 31, 2017
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SECTION 2: The appropriate City officials of the City of Tamarac are
authorized to renew the City's General Liability, Automobile Liability, Automobile
Physical Damage, Workers' Compensation and Property lines of coverage with
the Florida Municipal Insurance Trust (FMIT) for a one year period beginning on
October 1, 2017 at a cost of $897,445 per the renewal quote (attached as Exhibit
1) with said lines of coverage to expire on October 1, 2018, and to pay any
additional premium resulting from the annual premium audit which has been
approved by the City Manager after notification to the City Commission.
SECTION 3: Authorizing payment of an insurance option of $26,163
(attached as Exhibit 1) to increase the General Liability Insurance Coverage to
$5,000,000.
SECTION 4: All resolutions or parts of resolutions in conflict herewith
are hereby repealed to the extent of such conflict.
SECTION 5: If any clause, section, other part or application of this
Resolution is held by any court of competent jurisdiction to be unconstitutional or
invalid, in part or application, it shall not affect the validity of the remaining
portions or applications of this Resolution.
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August 31, 2017
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SECTION 6: This Resolution shall become effective immediately upon
its passage and adoption.
PASSED, ADOPTED AND APPROVED this day of 2017.
A R DRESSLER
MAYOR
ATTEST:
PATRICIA TEUF L, tlMt
CITY CLERK
RECORD OF COMMISSION VOTE:
MAYOR DRESSLER G�
DIST 1: COMM. BOLTON c
DIST 2: COMM. GOMEZ
DIST 3: COMM. FISHMAN —v
DIST 4: VICE MAYOR PLACKO
I HEREBY CERTIFY THAT I HAVE
APPROVED THIS RESOLUTION
AS TO FORM
SAMUEL S. GOREN
CITY ATTORNEY
Department of Insurance and Financial Services
FLORIDA MUNICIPAL INSURANCE TRUST
RENEWAL QUOTE FOR 2017-2018
City of Tamarac
FMIT 0584
Coverage
Deductible
Limit
Premium
General/Professional Liability
$25,000
$2,000,000
$271,469
StopLoss Amount
$644,583
Automobile Liability
$25,000
$2,000,000
$83,236
StopLoss Amount
$75,000
Automobile Physical Damage
Per Schedule
$13,932
StopLoss Amount
$30,000
Property
$50,000
$79,670,961
$256,600
Workers' Compensation
$25,000
Total Payroll
Experience Modification 0.73
10/1/17
$28,150,861
$272,208
StopLoss Amount
$386,320
GRAND TOTAL PREMIUM
$897,446
RETURN OF PREMIUM
$38,271
REDUCED GRAND TOTAL PREMIUM
$859,174
The FMIT Board of Trustees has approved a $4,600,000 return of premium for members that had property
coverage in the 2016-2016 Fund Year. The directive of the Board was to return property premium on the
renewing members for 2017-2018 that participated in the Trust's property program in 2016-2016. Based on
the property premiums paid in 2016-2016 the City of Tamarac can expect $38,271 in return premium should they elect to renew
coverage for the 2017-2018 policy year.
*Includes: Drug Free Credit: Yes
Safety Credit: Yes
dote: Coverage summaries provided herein are intended as an outline of coverage only and are
lecessardiy brief. in the event of loss, all terms, conditions, and exclusions of actual Agreement and/or
'olicies will apply.
DEDUCTIBLE / LIMIT OPTIONS
Annual Premium Check Option
Accepted Rejected
General Liability
Option 1- $2,000,000 limit $271,469 00
Option 2 - $6,000,000 limit (Additional premium of $26,163) $297,632 X O 1&% --
Important Note: The premiums quoted above are priced according to the coverage lines presented. Any change or deletion of
coverages may result In re -pricing of remaining coverage lines.