SUBJECT: A Resolution of the Board of Trustees of the Town of Erie, Colorado Authorizing Payment to IMA of Colorado for Procuring Liability, and Property Insurance for the Town for 2018; In the Amount of $285,195.80; and Setting Forth Details in Relation Thereto.
Title
Body
DEPARTMENT: Administration
PRESENTER: Nancy Parker-Town Clerk/Risk Coordinator
FISCAL INFORMATION:
Cost as Recommended: $285,195.80
Balance Available: $265,000.00
Budget Line Item Number: 100.80.110.572100
530.70.840.572100
New Appropriation Required: Yes
SUMMARY AND BACKGROUND OF SUBJECT MATTER:
The Town of Erie had engaged with IMA of Colorado to obtain proposals for property and liability insurance, staff reviewed the proposals from IMA and determined that the Town is best represented by renewing this coverage with OneBeacon for liability/auto, Chubb for property; Charitis Insurance for Airport Liability; and QBE Insurance Corp. for Volunteer Accident coverage.
The 2017 Operating Budget includes funds to pay for this premium and additional funds to cover deductible expenses during the policy year.
|
Premium Summary |
|
|
Property/Inland Marine/ Machinery |
$ 83,560.00 |
|
Liability |
$ 57,211.00 |
|
Automobile |
$ 49,051.00 |
|
Professional Liability |
$ 65,183.00 |
|
Terrorism Coverage |
$ 1,716.00 |
|
Airport Liability |
$ 4,352.00 |
|
Volunteer AD & D |
$ 615.00 |
|
Crime |
$ 1,610.00 |
|
Pollution (3 year premium) |
$ 21,897.80 |
|
Total |
$285,195.80 |
ATTACHMENTS: Resolution