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ITEM: AUTHORIZATION TO RENEW THE CONTRACT TO PROVIDE PROPERTY, CASUALTY AND WORKERS' COMPENSATION INSURANCE
REQUEST: Authorization to renew the contract to provide property, casualty and workers' compensation insurance with The Florida League of Cities (Florida Municipal Insurance Trust) at an estimated net annual cost of $702,657.
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EXPLANATION: The current Wellington insurance coverage for property and casualty and workers' compensation insurance is contracted through The Florida League of Cities' Florida Municipal Insurance Trust (FMIT). The contract was competitively procured in accordance with Wellington's purchasing and procurement policies through September 30, 2014 with a provision for a two year renewal option. Staff is seeking authorization to renew through September 30, 2015. No material changes to the contract terms are proposed, with the exception of an anticipated increase in the premium as stated below.
The policy coverage includes: property, general liability, public officials liability, auto and workers' compensation. Based on the current insured property and estimated payroll, FMIT's proposal for FY 2015 is $777,253.
In addition, as part of their proposal, FMIT included a return of premium credit in the amount of $74,596 which would be available to Wellington in the event the contract is renewed with FMIT. The total annual cost provided by FMIT, while keeping the same deductible levels and including any return on premium credits is $702,657 or $45,015 more than Wellington's FY 2014 premium.
Most of the anticipated increases can be attributed to the recent purchase of the Lake Wellington Professional Center building, and any associated liability (approx. $40,000).
Staff recommends renewing the existing agreement with FMIT for fiscal year 2015 at an estimated annual cost of $702,657.
BUDGET AMENDMENT REQUIRED: NO
PUBLIC HEARING: NO QUASI-JUDICIAL:
FIRST READING: SECOND READING:
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