HomeMy WebLinkAboutR2023-54 Property, Casualty and Workers' Compensation InsuranceRESOLUTION 2023-54
A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE OF NORTH
PALM BEACH, FLORIDA, ACCEPTING A PROPOSAL FROM FIRST FLORIDA
INSURANCE BROKERS TO PROVIDE PROPERTY, CASUALTY AND WORKERS'
COMPENSATION INSURANCE THROUGH PUBLIC RISK MANAGEMENT OF
FLORIDA AND AUTHORIZING VILLAGE ADMINISTRATION TO TAKE ALL
ACTIONS NECESSARY TO IMPLEMENT SUCH COVERAGE; PROVIDING FOR
CONFLICTS; AND PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, the Village is currently a member of the Public Risk Management of Florida risk
management and self-insurance pool for property and casualty coverage, as well as workers'
compensation coverage; and
WHEREAS, Village Staff received a proposal from First Florida Insurance Brokers ("FFIB") for
property, casualty, and workers' compensation insurance through Public Risk Management of Florida
for Fiscal Year 2024; and
WHEREAS, the Village Council determines that the adoption of this Resolution, including the waiver
of any conflicting purchasing policies and procedures, is in the best interests of the Village and its
residents.
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF NORTH PALM
BEACH, FLORIDA as follows:
Section 1. The foregoing recitals are hereby ratified and incorporated herein.
Section 2. The Village Council hereby accepts the proposal submitted by First Florida Insurance
Brokers for property, casualty, and workers' compensation insurance through Public Risk Management
of Florida for Fiscal Year 2024 at a total estimated annual cost of $951,436.00. The Village Council
further authorizes and directs Village Administration to take all actions necessary to implement such
coverage.
Section 3. All resolutions or parts of resolutions in conflict herewith are hereby repealed to the extent
of such conflict.
Section 4. This Resolution shall take effect immediately upon adoption.
WA
ADOPTED THIS 13"H DAY OF JULY, 2023.
VILLAGE CLERK
L/Vl.0 Jllul1 GI IV CIVPC IIJ. P1V I VL/1-JJ-/'1J.71I Li Fumo•t1JVCG
VILLAGE OF NORTH PALM BEACH
PROPERTY &CASUALTY RENEWAL PROPOSAL
PROPOSAL PRICING & BINDING AUTHORITY OCTOBER 1, 2023 TO OCTOBER 1, 2024
After careful consideration of reference proposal dated June 29, 2023,
we accept your insurance program per indicated with and "X below:
Agent's Fee 1 $10,000 1 $10,000
GRAND TOTAL 1 $830,080 1 $949,078
Cyber Liability Included Included
PAYMENT PLAN: PRM ALLOWS THEIR MEMBERS TO PAY THEIR TOTAL COSTS IN FOUR (4) QUARTERLY INSTALLMENTS, THE FIRST INSTALLMENT IS
DUE AT INCEPTION AND IS EQUAL To. 25% OF ALL COSTS. THE REMAINING COSTS WILL BE PAID OVER THE NEXT THREE (3) QUARTERS.
THIS WARRANTS THAT YOU HAVE NO KNOWLEDGE OF ANY CLAIM, OR INCIDENT THAT MAY RESULT IN A CLAIM, THAT HAS NOT BEEN REPORTED TO
THE INSURANCE CARRIER.
IT IS UNDERSTOOD AND AGREED THAT REFERENCED PROPOSAL PROVIDES ONLY A SUMMARY OF THE INSURANCE PROGRAM OPTIONS OFFERED. THE
ACTUAL POLICIES WILL CONTAIN THE COMPLETE TERMS, CONDITIONS, DEDUCTIBLES, EXCLUSIONS, ETCETERA. PLEASE REVIEW POLICY LANGUAGE FOR
A'FULL UNDERSTANDING OF PURCHASED PROGRAM.
Iu
D�o�c�uuSiigned by:
FF941���nnRRan�
Member Signature
Chuck Huff, village Manager
Print Member Name
7/13/2023
Date
*SIGNED BINDING AUTHORITY TO BE RETURNED BY 07/31/2023
THIS DOCUMENT IN ITS ENTIRELY IS CONFIDENTIAL & PROPRIETARY IN NATURE - NOT FOR PUBLIC RECORD.
Creating Unique Tisk Solutions
Paaye 120 FFIB
First Florida Insurance Brokers
ABALIATOR COMPANY
20 /2023
% Change
PRM PROPERTY AND CRIME
$247,867
$322,244
30.00%
PRM BOILER & MACHINERY
$3,919
$4,703
20.00%
PRM. GL/AL/E&O/LEL & EXCESS LIABILITY
$206,618
$225,627
9.20%
PRM WORKERS' COMPENSATION
$374,164
$4001804
7.12%
PRM Member Credit
($12,488)
($14,300)
PREMIUM TOTAL:
$820,080
$939,078
14.51%
Agent's Fee 1 $10,000 1 $10,000
GRAND TOTAL 1 $830,080 1 $949,078
Cyber Liability Included Included
PAYMENT PLAN: PRM ALLOWS THEIR MEMBERS TO PAY THEIR TOTAL COSTS IN FOUR (4) QUARTERLY INSTALLMENTS, THE FIRST INSTALLMENT IS
DUE AT INCEPTION AND IS EQUAL To. 25% OF ALL COSTS. THE REMAINING COSTS WILL BE PAID OVER THE NEXT THREE (3) QUARTERS.
THIS WARRANTS THAT YOU HAVE NO KNOWLEDGE OF ANY CLAIM, OR INCIDENT THAT MAY RESULT IN A CLAIM, THAT HAS NOT BEEN REPORTED TO
THE INSURANCE CARRIER.
IT IS UNDERSTOOD AND AGREED THAT REFERENCED PROPOSAL PROVIDES ONLY A SUMMARY OF THE INSURANCE PROGRAM OPTIONS OFFERED. THE
ACTUAL POLICIES WILL CONTAIN THE COMPLETE TERMS, CONDITIONS, DEDUCTIBLES, EXCLUSIONS, ETCETERA. PLEASE REVIEW POLICY LANGUAGE FOR
A'FULL UNDERSTANDING OF PURCHASED PROGRAM.
Iu
D�o�c�uuSiigned by:
FF941���nnRRan�
Member Signature
Chuck Huff, village Manager
Print Member Name
7/13/2023
Date
*SIGNED BINDING AUTHORITY TO BE RETURNED BY 07/31/2023
THIS DOCUMENT IN ITS ENTIRELY IS CONFIDENTIAL & PROPRIETARY IN NATURE - NOT FOR PUBLIC RECORD.
Creating Unique Tisk Solutions
Paaye 120 FFIB
First Florida Insurance Brokers
ABALIATOR COMPANY