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HomeMy WebLinkAboutCity of Tamarac Resolution R-2016-1011 Temp. Reso #12839 September 1, 2016 Page 1 of 4 CITY OF TAMARAC, FLORIDA RESOLUTION NO. R-2016- /,�'j 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, 2016 AT A COST OF $854,757 AND PAYMENT OF ANY INCREASE RESULTING FROM THE ANNUAL PREMIUM AUDIT; 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, 2016; 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 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 Temp. Reso #12839 September 1, 2016 Page 2 of 4 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 2014-2015 Fund Year and the City of Tamarac can expect to receive at least $46,036 in return of premium should the City elect to renew coverages for the 2016-2017 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, 2016 based on the renewal quote of $854,757 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 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 with the FMIT for a one year period beginning on October 1, 2016 as outlined above. Temp. Reso #12839 September 1, 2016 Page 3 of 4 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. 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, 2016 at a cost of $854,757 per the renewal quote (attached as Exhibit 1) with said lines of coverage to expire on October 1, 2017, 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: All resolutions or parts of resolutions in conflict herewith are hereby repealed to the extent of such conflict. SECTION 4: If any clause, section, other part or application of this Resolution is held by any court of competent jurisdiction to be unconstitutional or Temp. Reso #12839 September 1, 2016 Page 4 of 4 invalid, in part or application, it shall not affect the validity of the remaining portions or applications of this Resolution. SECTION 5: This Resolution shall become effective immediately upon its passage and adoption. PASSED, ADOPTED AND APPROVED this / V day of J"c'� 2016. HAR DR15SSLER MAYOR ATTEST: PATRICIA TEUFEL, CMC CITY CLERK RECORD OF COMMISSION VOTE: MAYOR DRESSLER t 4 DIST 1: COMM. BUSHNELL DIST 2: COMM. GOMEZ DIST 3: VICE MAYOR GLASSER �,-- DIST 4: COMM. PLACKO�� I HEREBY CERTIFY THAT I HAVE APPROVED THIS RESOLUTION AS TO FORM rAMUES. GOREN L ITY ATTORNEY 1 �I Coverage General/Professional Liability StopLoss Amount: Automobile Liability StopLoss Amount: Automobile Physical Damage StopLoss Amount: Property Workers' Compensation Experience Modification StopLoss Amount: Q��aGU� E o �► es> z N EXHIBIT 'I Department of Insurance and Financial Services FLORIDA MUNICIPAL INSURANCE TRUST RENEWAL QUOTE FOR 2016-2017 City of Tamarac FMIT 0584 Limi t it Premium $25,000 $2,000,000 $253,280 $554,095 $25,000 $2,000,000 $84,354 $75,000 Per Schedule $30,000 $50,000 $25,000 0.67 10/1/16 $318,796 GRAND TOTAL PREMIUM RETURN OF PREMIUM REDUCED GRAND TOTAL PREMIUM $14,752 $75,300,465 $264,232 Total Payroll $25,827,914 $238,139 $854,767 46 036 $808,721 The FMIT Board of Trustees has approved a $6,000,000 return of premium for members that had property coverage in the 2014-2015 Fund Year. The directive of the Board was to return property premium on the renewing members for 2016-2017 that participated in the Trust's property program in 2014-2015. Based on the property premiums paid in 2014-2016 the City of Tamarac can expect $46,036 in return premium should they elect to renew coverage for the 2016-2017 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 lecessarily brief. In the event of loss, all terms, conditions, and exclusions of actual Agreement and/or 'olicies will apply.