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HomeMy WebLinkAboutCity of Tamarac Resolution R-2008-128L' 1 Temp. Reso. #11461 August 27, 2008 Page 1 of 3 CITY OF TAMARAC, FLORIDA RESOLUTION NO. R-2008- A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF TAMARAC, FLORIDA, AUTHORIZING THE RENEWAL OF GENERAL LIABILITY, AUTOMOBILE LIABILITY, AND AUTOMOBILE PHYSICAL DAMAGE LINES OF COVERAGE WITH THE FLORIDA MUNICIPAL INSURANCE TRUST (FMIT) FOR A ONE (1) YEAR PERIOD BEGINNING OCTOBER 1, 2008 AT A COST OF $717,931 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 Property, General Liability, Automobile Liability, and Automobile Physical Damage, will expire October 1, 2008; 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, and Automobile Liability, and $50,000 for Property Damage; and WHEREAS, the City's policies with the FMIT for Property, General Liability, Automobile Liability, and Automobile Physical Damage are quoted as an estimated premium, and are subject to an adjustment based on the annual premium audit; and Temp. Reso. #11461 August 27, 2008 Page 2 of 3 WHEREAS, it is the recommendation of the City Manager and the Director of Human Resources that the City renew its Property, General Liability, Automobile Liability, and Automobile Physical Damage lines of coverage with the FMIT for a one year period beginning on October 1, 2008 based on the renewal quote of $717,931 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 Property, General Liability, Automobile Liability, and Automobile Physical Damage lines of coverage with the FMIT for a one year period beginning on October 1, 2008 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. SECTION 2: That the appropriate City officials of the City of Tamarac are authorized to renew the City's Property, General Liability, Automobile Liability, and Automobile Physical Damage lines of coverage with the Florida Municipal Insurance Trust (FMIT) for a one year period beginning on October 1, 2008 at a cost of $717,931 per the renewal quote (Attached as Exhibit 1) with said lines of coverage to expire on October 1, 2009, and to pay any additional premium resulting from the annual premium Temp. Reso. #11461 August 27, 2008 Page 3 of 3 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 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 ,2008. J BETH FLANSBAUM-TALABISCO, MAYOR ATTEST: - RECORD OF COMMISSION VOTE: MARION SWENSON, CMC MAYOR FLANSBAUM-TALABISCO ` CITY CLERK DIST 1: COMM PORTNER DIST 2: COMM ATKINS-GRAD`���i DIST 3: V/M SULTANOF _ ' I HEREBY CERTIFY that DIST 4: COMM. DRESSLER I have approved this RESOLUTION as to form. i L -CITY A 0 NEY FLORIDA LEAGUE OF CITIES, INC. Public Risk Services P. O. Box 530065 Orlando, FI 32853-0065 RENEWAL QUOTE FOR 2008-2009 City of Tamarac FMIT 0584 EXHIBIT -r b Coverage Deductible Limit Premium General/Professional Liability $25,000 StopLoss $2,000,000 $255,970 StopLoss Amount $408,906 Automobile Liability $25,000 StopLoss $2,000,000 $78,937 StopLoss Amount $75,000 Automobile Physical Damage Per Schedule $16,249 StopLoss Amount $30,000 Property $50,000 $68,244,144 $486,761 TOTAL PREMIUM $837,917 RETURN OF PREMIUM 119 98fi REDUCED GRAND TOTAL PREMIUM $717,931 The FMIT Board of Trustees has approved a $10,000,000 return of premium for members in good standing that had property coverage in the 2006-2007 Fund Year. The directive of the Board was to return property premium on renewing members that participated in the Trust's property program in 2006-2007. Our intent is to establish a formula that would return premium on a pro-rata basis once the 2008-2009 renewals are finalized. A check will be issued or a credit can be taken on the 2008-2009 second installment payment per the member's choice. 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 2006-2007 the City of Tamarac can expect at least $119,986 in return premium. Property Coy age,- See special note on following page. Re: 2008-2009 Renewal Quote - Renewal premiums are based on the coverages, limits and deductibles as expiring. General Liability - If updated exposures were not provided to us, the renewal premiums were developed using the greater of current year exposures or the exposures reported on the 2006-07 final audit. Automobile Liability - Renewal premiums include all changes sent to us as of this date, & Physical Damage the actual billed premium may reflect additional changes received after this date. Property - Building and Personal Property values include all changes requested to be made as of this date, the actual billed premium may reflect additional changes received after this date. Property coverage is not offered on a stand alone basis. LOCATIONS GREATER THAN 1/2 MILE FROM COASTAL WATER: NAMED STORM DEDUCTIBLE: 6% OF THE 100% VALUE OF THE DAMAGED PROPERTIES PER BUILDING/PER OCCURRENCE, SUBJECT TO THE DEDUCTIBLE SHOWN ON THE DECLARATIONS PAGE PER BUILDING/PER OCCURRENCE, WHICHEVER IS GREATER. Special Note: If your policy has the Agreed Value endorsement and/or Blanket coverage and an appraisal was not submitted, you are no longer eligible for either.