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ITEM: AUTHORIZATION TO 1) RENEW AN EXISTING AGREEMENT FOR GENERAL LIABILITY, PROPERTY, CASUALTY AND WORKERS’ COMPENSATION INSURANCE AND 2) APPROVE THE FINAL ADJUSTED PREMIUM FOR FISCAL YEAR 2026
REQUEST: Authorization to 1) Renew an existing agreement with Florida Municipal Insurance Trust (Florida League of Cities) to provide general liability, property, casualty, and workers’ compensation insurance at an estimated annual cost of $1,197,191 for Fiscal Year 2027 and 2) Approve the final adjusted annual premium for Fiscal Year 2026.
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EXPLANATION: The existing Village insurance coverage for general liability, property, casualty, and workers’ compensation insurance is contracted through the Florida League of Cities’ Florida Municipal Insurance Trust (FMIT) and is set to expire on September 30, 2026.
Staff is seeking Authorization to:
1) Renew an existing agreement with FMIT to provide general liability, property, casualty, and workers’ compensation insurance at an estimated annual cost of $1,197,191 through September 30, 2027. The Village’s agent of record, Risk Strategies (Gehring Group), solicited quotes in 2025. This is year 2 of a 2-year rate guarantee based on current total insured values and the only adjustments to premium are for exposure changes. The policy coverage includes general liability, property, casualty, workers’ compensation, auto liability, cyber liability and public officials’ liability.
2) Approve the final adjusted annual premium for Fiscal Year 2026 in the amount of $1,150,520. On September 18, 2025, Council approved a premium amount for $1,057,795. This amount increased by $92,725 due to the addition of the new Aquatics Center and new Public Works Storage Site. Pursuant to the Purchasing Manual, the change order threshold for this procurement requires Council approval.
Staff recommends renewing the existing agreement with FMIT effective October 1, 2026 through September 30, 2027 and approving the final adjusted premium for Fiscal Year 2026. FMIT has insured and provided superior support to the Village since 1997.
BUDGET AMENDMENT REQUIRED: NO
PUBLIC HEARING: NO QUASI-JUDICIAL:
FIRST READING: SECOND READING:
LEGAL SUFFICIENCY: YES
FISCAL IMPACT: Funding is included in the current and proposed Fiscal Year 2027 budget.
WELLINGTON FUNDAMENTAL: Responsive Government
RECOMMENDATION: Authorization to 1) Renew an existing agreement with Florida Municipal Insurance Trust (Florida League of Cities) to provide general liability, property, casualty, and workers’ compensation insurance at an estimated annual cost of $1,197,191 for Fiscal Year 2027 and 2) Approve the final adjusted annual premium for Fiscal Year 2026.