TO: Committee of the Whole - Planning and Public Works
FROM: Mayor Angela Birney
DEPARTMENT DIRECTOR CONTACT(S):
|
Finance |
Kelley Cochran |
425-556-2748 |
DEPARTMENT STAFF:
|
Finance |
Irene Banschbach |
Risk Program Coordinator |
TITLE:
title
Travelers Insurance Property Insurance 15 Month Insurance Renewal
OVERVIEW STATEMENT:
recommendation
Currently the City of Redmond’s insurance policies renew 9/1/2023. The policies include property coverage with Travelers Insurance and liability coverage with City Insurance Association of Washington (CIAW). It has been recommended by the City’s insurance broker and CIAW that the city move to a renewal date of 12/1/2023 to put Redmond in line with other municipalities and policy holders CIAW insures. To do this CIAW will extend coverage of the current policy term to 12/1/2023 and the premium for the extended timeframe will be prorated based on the 2022-2023 rates. Finance staff will provide Council with a briefing on the CIAW policy in November prior to the renewal date.
Travelers Insurance will move forward with the renewal effective 9/1/2023 but will issue a 15-month policy through 12/1/2024. This will allow both policies to renew on 12/1/2024. The increase in the Traveler’s policy is within the amount expected and can be covered by the current budget. Increases in the city’s policies in the recent years have been driven by industry wide increases in claims made, inflationary increases and changes in coverage offered by providers.
body
☒ Additional Background Information/Description of Proposal Attached
REQUESTED ACTION:
☒ Receive Information ☐ Provide Direction ☐ Approve
REQUEST RATIONALE:
• Relevant Plans/Policies:
N/A
• Required:
N/A
• Council Request:
N/A
• Other Key Facts:
N/A
OUTCOMES:
The City is exposed to various risks of loss such as theft, damage, destruction of assets, errors & omissions, injuries or property damage to others, employees’ health, and natural disasters. The City is self-insured up to specific dollar limits, utilizing commercial insurance for claims more than these specific dollar limits. The insurance policies in place with Travelers and CIAW include coverage for property, general liability, buildings, auto, and umbrella policies.
COMMUNITY/STAKEHOLDER OUTREACH AND INVOLVEMENT:
• Timeline (previous or planned):
N/A
• Outreach Methods and Results:
N/A
• Feedback Summary:
N/A
BUDGET IMPACT:
Total Cost:
Approved in current biennial budget: ☒ Yes ☐ No ☐ N/A
Budget Offer Number:
0000021
Budget Priority:
Strategic and Responsive
Other budget impacts or additional costs: ☐ Yes ☒ No ☐ N/A
If yes, explain:
N/A
Funding source(s):
N/A
Budget/Funding Constraints:
N/A
☐ Additional budget details attached
COUNCIL REVIEW:
Previous Contact(s)
|
Date |
Meeting |
Requested Action |
|
N/A |
Item has not been presented to Council |
N/A |
Proposed Upcoming Contact(s)
|
Date |
Meeting |
Requested Action |
|
11/14/2023 |
Committee of the Whole - Finance, Administration, and Communications |
Receive Information |
Time Constraints:
N/A
ANTICIPATED RESULT IF NOT APPROVED:
N/A
ATTACHMENTS: