HomeMy WebLinkAboutCity of Tamarac Resolution R-94-0471
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Temp. Reno. #6666
CITY OF TAMARAC, FLORIDA
RESOLUTION NO. R-94-_
A RESOLUTION AUTHORIZING THE
APPROPRIATE CITY OFFICIALS TO PAY
THE FINAL PREMIUM TO THE FLORIDA
LEAGUE OF CITIES, INC. FOR INSURANCE
ON REAL AND PERSONAL PROPERTY OF THE
CITY OF TAMARAC.
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF TAMARAC,
FLORIDA:
SECTION-1 That the appropriate City Officials are
hereby authorized to pay the final premium of $23,750.00
to the Florida League of Cities, Inc. for insurance on
real and personal property of the City of Tamarac for the
period October j, 1993 to October 1, 1994.
SECTION 2: This resolution shall become effective
immediately upon its' passage and adoption?7 ,L'�
PASSED, ADOPTED AND APPROVED this,0day of 4/1994.
NORMAN ABRAMOWITZ
MAYOR
ATTEST:
CAROL A. EVANS, CMC
CITY CLERK
I HEREBY CERTIFY thahave
appmved this Resolu on as
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FECpRp aF CptJNCIL VOTE
�LGiI1a-Mr'i I,V I "i�Z
MITCHE L S . KRAFT msi-Rrm 1: V M UIL
CITY ATTORNEY DtMICT 2.c
DISTRICT 3: M Scr�RE�e
DISTRICT 4: Gl al M CH K
TO:
FROM:
SUBJECT:
Robert S. Noe Jr., City Manager
�_�A Roger C. Anderson, Risk Manager
Property Insurance Premium
aPROJECT NO: Temp. Resolution # (.�
DATE: March 8, 1994
I BACKGROUND:
The Council authorized the City on September 22,1993 to enter
into an agreement with the Florida League of Cities to provide
property insurance effective October 1, 1993. The League's
proposal and the preliminary premium indications given by
other insurance markets were based on outdated property values
and did not include values on motor vehicles which were
previously not insured. When the values were revised, the
premium increased from $17,941.00 to $23,750.00. The purpose
of this resolution is to advise the Council of the final
premium and seek approval of payment.
II DISCUSSION•
August 1993 -
Notice of non -renewal received from
Appalachian Insurance Co. for property
insurance.
August 1993 -
Twenty nine insurance markets were
contacted to replace Appalachian
Insurance Co., but only the Florida
League of Cities was able to offer pre -
Hurricane Andrew rates.
Sept. 22, 1993 -
city council approved resolution
#R-93-117 authorizing the City to enter
into an agreement with the Florida League
of Cities for insuring real and personal
property.
October 1993 -
Property values were updated and motor
vehicle values were added as the vehicles
were not previously covered, increasing
the values from $24,898,541.00 to
$29,795,312.00.
March 1994 --
Invoice received from the Florida League
of Cities reflecting the final premium of
$23,750.00.
III ANALYSIS.
The premium indications from other insurance markets ranged
from $68,500.00 to $82,500.00 based on the old values
(excluding motor vehicles). The League's premium reflects
reinsurance arrangements that were concluded before Hurricane
f Andrew so their low rates may increase next year.
IV ALTERNATIVE:
N/A
V RECOMMENDATIONS:
It is recommended that the Council approve payment of the
final property insurance premium of $23,750.00 to the Florida
League of Cities for the period October 1, 1993 to October 1,
1994.