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Home My WebLink AboutCity of Tamarac Resolution R-98-047Temp. Reso. #8136 2/10/98 CITY OF TAMARAC, FLORIDA RESOLUTION NO. R-98- �-7 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF TAMARAC, FLORIDA, AUTHORIZING THE APPROPRIATE CITY OFFICIALS TO EXECUTE AN AGREEMENT BETWEEN THE CITY OF TAMARAC AND FLORIDA MUNICIPAL INSURANCE TRUST (FMIT) FOR A TWO (2) YEAR PREMIUM GUARANTEE; PROVIDING FOR CONFLICTS; PROVIDING FOR SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE DATE. 1 WHEREAS, based on the recommendation of the City Manager and the Risk Manager, the City of Tamarac desires to enter into an agreement with Florida Municipal Insurance Trust (FMIT) for a two (2) year premium guarantee; and WHEREAS, the City Commission of the City of Tamarac, Florida deems it to be in the best interests of the citizens and residents of the City of Tamarac that the City enter into this Agreement. 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: An Agreement between the City of Tamarac and FMIT, for a two (2) year premium guarantee, subject to the terms and conditions of the Agreement, (a 1 1 Temp. Reso. #8136 2 2/10/98 copy of which is attached hereto as Exhibit "1 ", and incorporated herein by reference as if set forth in full) is hereby approved together with such changes as may be agreed to by the City Manager or his designated representative, and approved as to form and legality by the City Attorney. SECTION 3: The appropriate City officials are hereby authorized to accept and execute the Agreement between the City of Tamarac, Florida, and FMIT, for a two (2) year premium guarantee. SECTION 4: All resolutions or parts of resolutions in conflict herewith are hereby repealed to the extent of such conflict.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. SECTION 6: passage and adoption. Temp. Reso. #8136 2/10/98 3 This Resolution shall become effective immediately upon its PASSED, ADOPTED AND APPROVED this ATTEST: ATRICI�AM ASSISTANT CITY CLERK I HEREBY CERTIFY that I haA approved this l5ttld)LUTIOW as to form. 11TCHELL S-K CITY ATTORN (ord.8136.ms) 'Z�� day of , 1998 JOE SCHREIBER_ MAYOR RECORD OF COMMISSION VOTE MAYOR _ SCHREIBER r DIST 1: COMM. McKAYE DIST 2: WM MISHKIN DIST 3: COMM. SULTANOF DIST 4: COMM. ROBERTS • • • FLORIDA MUNICIPAL INSURANCE TRUST TWO YEAR PREMIUM GUARANTEE AGREEMENT THIS AGREEMENT, made and entered into thistg,�day of C— 19 by and between the Lt, 0-� , (hereinafter referred to as the "Member") and the Florida Municipal Insurance Trust (hereinafter referred to as the "FMIT") WHEREAS, the F1VIIT has determined it is in the best interest of the FMIT to offer the Member a Two Year Premium Guarantee Plan, and WHEREAS, the Member has determined it is in the best interest of the Member to utilize the Two Year Premium Guarantee Plan. NOW, THEREFORE, for and in consideration of the mutual covenants, promises and obligations herein contained which are given to and accepted by each party hereof to the other, the parties to this instrument covenant, stipulate and agree as follows: 1. As used herein, the following words and phrases shall have the following meanings: a. "Coverage Period" means the period as shown on the Declarations of the FMIT Agreement. b. "Premium Guarantee" means that the annual net premium billed the Member for the coverage period will not be subject to adjustment from exposure audit, change in experience modifications, annual rate review and rate change by the FMIT or to 0 change in approved participation credits. C. "Gross Premium" means the annual gross premium as shown on the Declarations of the FMIT Agreement for the coverage period. d. "Participation Credit" means equity credits, dividends, incentive credits, premium credits, and any other participation credit approved by the FMIT, and is the annual credit shown on the Declarations of the FMIT Agreement for the coverage period. e. "Net Premium" means the annual net premium as shown on the Declarations of the 0 FMIT Agreement for the coverage period. • f. "Experience Modifications" mean the factors used by the MT in adjusting base gross premium due to a Member's loss experience for workers' compensation, general liability (including law enforcement and public officials errors and omissions), automobile liability and automobile physical damage. g. "Exposure Audit" means audits conducted by the FMIT to assure exposure information provided by the Member accurately reflects actual exposures assumed by the FMIT, which audits can result in premium adjustments to the Member under the terms of the Indemnity Agreement. 2 • • • h. "Rates" mean the annual renewal rates approved by the FMIT for the FMIT's property and casualty coverages and used for calculation of the Member's gross premiums. i. "Exposures" mean the basis on which the FMIT rates are applied to develop gross premiums including but not limited to payroll, job classifications, population, law enforcement officers, vehicles, real and personal properties, and other miscellaneous exposures. j. "Indemnity Agreement" means the FMIT's Indemnity Agreement, the Participation Agreement entered into between the FMIT and the Member, and any other - agreement, certificate, document, or other instrument executed by the Member and the MT. 2. Subject to the terms and conditions contained in this Agreement, the Member and the FMIT agree Member's Premium Guarantee during the coverage period shall be the net premium shown on the Declarations of the FMIT Agreement. 3. The Member agrees that it will assist the FMIT by timely providing the FMIT with updated information projecting the FMIT's exposure for the October 1, 1997 fiscal year and with any other exposure information the FMIT in good faith believes might have a material impact on the exposures to be assumed by the FMIT over the coverage period. KI 4. The FMIT agrees that coverage provided herein will not be canceled or non -renewed by the FMIT during the coverage period except for non-payment of premium by the Member. 5. The Member agrees that coverage accepted herein will not be canceled or non -renewed by the Member during the coverage period. 6. If, during the coverage period, the Member cancels or non -renews the coverage or if coverage is canceled by the FMIT for non-payment of premium, the Member shall, be liable for liquidated damages for breach of this Agreement, calculated at ten percent (10%) of the net premium unearned by the FMIT for the coverage period, plus any additional premium that, but for this Agreement, would otherwise have been due and owing the FMIT as a result of exposure audits under the Indemnity Agreement. This provision for liquidated damages is agreed upon between the parties due to the inability of computing the loss of value to the FMIT of the unexpired portion of the Member's coverage period under this Agreement. 7. In the event the Member fails to pay monies due and owing hereunder, the FMIT shall be entitled to recover from the Member all costs and expenses incurred by the FMIT in collecting any such monies, including reasonable attorney's fees, costs, prejudgment interest, and any other reasonable and related expenses of collection. 8. In the event of conflict, the provisions of this Agreement shall prevail over any provisions contained in the Indemnity Agreement. Provisions of the Indemnity Agreement not in conflict with the provisions of this Agreement shall remain in full force and effect. 4 C� IN WITNESS WHEREOF, the parties have made and executed this Agreement on the respective dates under each signature. CITY OF TAMARAC, through its Mayor, and FLORIDA MUNICIPAL INSURANCE TRUST, signing by and through duly authorized to execute same. A T: Patrici�aM a �rcu ri o� Assistant City Clerk Date: Le 8" ATTEST: CITY 0 TAMA C By: e Schreiber, Mayor Date: .LZ2 S Ebert S. Noe, Jr., City M Hager Date: Z Approved as to form and I gal ici ncy: Mi II S. -(;WV Attorney FLORIDA MUNICIPAL INSURANCE TRUST By: Corporate Secretary President Type name of Corporate Secretary Type/Print Name of President (CORPORATE SEAL) 0 Date: