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ITEM: AUTHORIZATION TO RENEW A CONTRACT TO PROVIDE GENERAL LIABILITY, PROPERTY, CASUALTY AND WORKERS’ COMPENSATION INSURANCE
REQUEST: Authorization to 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 $1,394,293.
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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, 2024. Staff is seeking authorization to renew the existing agreement through September 30, 2025.
The policy coverage includes general liability, property, casualty, workers’ compensation, auto liability, cyber liability and public officials’ liability. Based on the current insured property, general liability and estimated payroll, FMIT’s proposal for FY 2025 is $1,394,293 (8.8% increase), approximately $112,200 more than FY 2024. Funding is included in the proposed Fiscal Year 2025 budget.
Staff recommends renewing the existing agreement with FMIT at an annual cost of $1,394,293 effective October 1, 2024 through September 30, 2025. 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: Funds are budgeted in the proposed FY 2025 budget.
WELLINGTON FUNDAMENTAL: Responsive Government
RECOMMENDATION: Authorization to 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 $1,394,293.