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4. C. 3.
Jim Mills, Risk Management
Consideration and Approval for Risk Management Services to continue to utilize The Beckman Company for insurance brokerage services to obtain multiple lines of casualty insurance coverages for the City. The estimated cost for the policies for the upcoming 2019-2020 policy year is $858,000.
Risk Management Services request the approval to utilize The Beckman Company as the City's Insurance Broker and allow them to obtain multiple insurance lines for the City. The Broker receives proposals from several insurance carriers for multiple lines of insurance coverage and provides that information to Risk Management. The best proposals are then presented to City Council for approval. There is not a direct cost to the City for their services. The Beckman Company will bind and pay for the policies with multiple carriers. The City will reimburse The Beckman Company once the City is invoiced.
For policies effective July 1, 2019.
Approval of Insurance Brokerage Services.
Staff recommends approval.
Motion to approve.
Budgeted Item Y/N or N/A:
Pending 2019-2020 budget approval.
611020-8303 Insurance Costs - Trot/Liability Fund.
No file(s) attached.
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