HomeMy WebLinkAboutR-75-1108•
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A BES(4ATTION APTIRATZINO AND DIRECTING THE CITY
MANAGER To PURCHLSE Pt,LICE PRIMARY INSURANCE
CtA/ERACiE ERoM THE AMERICAN HOME ASSURANCE
CuMPANY EITECTIVE N(NEMBER 1975 AT AN ANNUAL
PREMIUM Qt.:. $14#74- AND 7ATR(JVINC, AND wvrtrymn
THE ACPIt'N (A, THE CITY T,N:',IER it SECURTNI
OIVERT,CIE P1AA1 N( \F1i11 1 9 A, THIS DATE.
WHEirTAt:;, t i]. d in!-.:nrance ccryorhgt.., for
its officers in th,, tiL!rforr',.nce ot their duties since
Nove!-1,, r • 1 %vith Apt, laehi :n Insur;tnce Comp,uly: nd
t.PUTPA, Tnsur,.noe Cori,
hotitier.: Cit th:J. it would not renew the policy; and
WERELS, dit.er CO tcti LI leding insurance agents
to htto.HA. r 1 c,,7,!r of the CoV rt; nd only receiving one
otter trop tN( 1oi-& Assur,Tice Comr,Inv: and
flEREAS, the American Acwe Assurance Company is
r, red il c.corflut(e itn the Litest edition of Best
Fr',P-itinl Cuide PulJication; and
WHERES, the ,voidanco of monetary loss exposure could
onlv h Toon ochioved throuc0 the nAirchase of Police Primary
Insurance from the Americn !tome Assurance Comp:Tny, effective
;.overiter 147c), n nnu-1 premium of $149,747, is
siiintly less than the $1:i0,000 premium charged by the Appalachian
Insur.14ve Como,.nv for substantilly the same coverage; ,-nd
WHEREAS, the City Mii.xler obtJined 30-(1-.y Binder
1.%(.1rui.,mot with tmerican Homo Assurance Comp;)ny to prevent
qm or hiatus in to City's cover,ATel
N(Af, THEREFoRE„ BE IT PESCJNED BY THE COMMISSION OF
THE CITY oF MIAMI, FLORIDA:
4.'et S.,
111 1111111-11 II
•
Sc'ct ic)! 1. The City 11ner e,ind he is herelwi.
authoried -.nd directed to rurchose Pnlice Insuranr!e
coVerago from the Thericar !tome /*.ssur,inee Cornany offectiyo
November 'F=., 1(37') an nnua1 .remin!. of !:14'3,470 and the
)rior action of t-ne cat:" M. qt.r i o('uriu coverage from
Nbv,iml,er 1 tro tHs (Liu, 1,0 1,(1 sime is lierol,v
rotiiiH
PASSEr AND A,DuPTED t i3.ST of DcEMBiR
PRFPA.PC.,.) A'..Th • PPP(
•
ROBERT F. CLrO<F
Assistant City Attorney
'%1TR(NED AS TO F(RM AND CORRECTNESS:
J(•)44 S. LLOYD
City Attorney
?Milt CE L. JURE
7.1v (
"SUPPORTIVE
DOCUMENTS
FOLLOW"
CITY cm MPA?AL RLIO I OA
s
to: P.W. AIl`.1rew3
City 1.1 y t
. (I
/T Zi�
ono! . R. Bailey
;Finance Directo
•
SJ.L-, t.
E�<GLO�Jf'1�3:
N,',verb., M, 197 i
Police prtmar In ur nv�a
On Neverber 27, 1972, the City purchased from Appalachian Insurance
Company, a policy which covered the Police Officers aed the City of
Miami against all acts in performance of their duties. This cover.
age was for $100,000 per single accident, and $300,000 per occurrence.
This type coverage, at the time, was only written by Appalachian
Irwurance Company, - therefore it was on an annual renewal basis.
As of the first week in November, 1975, the agent representing the
Appalachian Company, d:;sured the Property and I:iur:lnce ;tanager
that th a. covert a r4ould .. • ':,. , a yr. theca..
i.)• .. :Jwru i�E,}�)�►. �:� `A, + u- it ;4: Q • - ..3i .. _. �...
turlt Associates, Inc., hand delivered a letter, notifying the City
that Appalachian Insurance Company would not renew this policy.
We therefore contacted leading agents to attempt to replace this cover-
age. We were successful in rec<el iag one quote from John E. Runt &
Associates, Inc., to cover the Police in performance of their duties,
from American Home Assurance Company, at an annual premium of $149,747.
The coverages by American Home Assurance Company are essentially the
same, with few exceptions. The exceptions are minor in nature, and
it is our opinion that this would not detract from the City's cover-
ages in any way. American Home Assurance Company is rated A+:AAaAA
its accordance to Best Key Rating Guide Publication, Latest Edition.
Because this coverage doees expire November 27, 1975, and the City would
be exposed to monetary losses if we do not replace this coverage, it is
recommended that a Resolution be adopted at the City Commission Meeting
of November 24, 1975, authorising the purchase of Police Primary Insurance
from American Home Assurance Company, at an annual premium of $149,747..
The premium costs from Appalachian for the last year, was $150,000.
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