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Home My WebLink AboutCity of Tamarac Resolution R-2011-096Temp. Reso #12075 August 30, 2011 Page 1 of 4 Revision #1 September 8, 2011 CITY OF TAMARAC, FLORIDA RESOLUTION NO. R-2011- 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, 2012 AT A COST OF $989,100 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, 2011; 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 #12075 August 30, 2011 Page 2 of 4 Revision #1 September 8, 2011 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 2009-2010 Fund Year and the City of Tamarac can expect to receive at least $96,438 in return of premium should the City elect to renew coverages for the 2011-2012 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, 2011 based on the renewal quote of $989,100 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, 2011 as outlined above. Temp. Reso #12075 August 30, 2011 Page 3 of 4 Revision #1 September 8, 2011 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, 2011 at a cost of $989,100 per the renewal quote (attached as Exhibit 1) with said lines of coverage to expire on October 1, 2012, 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. f1 Temp. Reso #12075 August 30, 2011 Page 4 of 4 Revision #1 September 8, 2011 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 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 % day of W-1-1iti ,2011. PAMELA BUSHNELL MAYOR ATTE t PETER M. J. RI HAR SON, CRM, CMC CITY CLER!� ,,,,,�� '�•• '' ' '' qQ RECORD OF COMMISSION VOTE: r MAYOR BUSHNELL 19 =W ESTABLISHED Q= 1963 DIST 1: COMM. SWEN N ; 4 O ' SEAL :'Q- DIST 2: V/M GOMEZ [ �y .• ,may •, o` DIST 3: COMM. GLASSY DIST 4: COMM. DRESSLER I HEREBY CEFY THAT I HAVE APPROVED THIS RESOLUTION AS TO FORM. �AIAUEL S. GOREN CITY ATTORNEY Temp Reso 12075 - Exhibit 1 Revised 9/8/2011 Department of Insurance and Financial Services FLORIDA MUNICIPAL INSURANCE TRUST RENEWAL QUOTE FOR 2011-2012 City of Tamarac FMIT 0584 Coverage Deductible Limit Premium General/Professional Liability $25,000 $2,000,000 $250,645 StopLoss Amount: $394,300 Automobile Liability $25,000 $2,000,000 $81,495 StopLoss Amount: $75,000 Automobile Physical Damage Per Schedule $15,333 StopLoss Amount: $30,000 Property $50,000 $69,858,245 $336,236 Workers' Compensation $25,000 Total Payroll Experience Modification 1.04 10/1/11 $22,942,004 $305,391 StopLoss Amount: $335,866 GRAND TOTAL PREMIUM $989,100 RETURN OF PREMIUM 96 438 REDUCED GRAND TOTAL PREMIUM $892,662 The FMIT Board of Trustees has approved a $8,000,000 return of premium for members that had property coverage in the 2009-2010 Fund Year. The directive of the Board was to return property premium on the renewing members for 2011.2012 that participated in the Trust's property program in 2009.2010. A preliminary calculation has been made to establish a minimum amount the member can expect to be used for budget purposes. Based on the property premiums paid in 2009.2010 the City of Tamarac can expect at least $ 96,438 in return premium should they elect to renew coverage for the 2011-2012 policy year. '"Includes: Drug Free Credit: Yes Safety Credit: Yes M-WiTiE No Text