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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 $1,057,795 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, 2025. Staff is seeking authorization to renew the existing agreement with a 2-year rate commitment through fiscal year 2027.
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 2026 is $1,057,795 or approximately $285,479 less than the FY 2025 premium with a 2-year rate guarantee based on current total insured values.
The Village's agent of record, Risk Strategies (Gehring Group), solicited a quote from Preferred Governmental Insurance Trust (PGIT) for $1,036,867. A Renewal Evaluation is attached.
While the rate provided by PGIT is $20,928 or 1.5% lower than FMIT's, staff recommends renewing the existing agreement with FMIT due to the two-year rate guarantee and FMIT's program benefits.
Staff recommends renewing the existing agreement with FMIT effective October 1, 2025 through September 30, 2027, which includes a two-year rate guarantee. 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 ...
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