HomeMy WebLinkAboutCity of Tamarac Resolution R-2008-128L'
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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.