Title
Purchase of Property and Casualty Insurance Policies for the City of Phoenix (Ordinance S-43632)
Description
Request to authorize the City Manager, or his designee, to purchase various property and casualty insurance policies on behalf of the City for July 2017 through July 2018; and further request authorization of the City Controller to disburse funds, not to exceed $6,449,400.
Report
Summary
Competitive quotes are sought from all viable commercial insurance markets to assure the best coverage and cost available. The total estimated cost for all insurance policies is $6,449,400. Funds for those policies purchased specifically for the Aviation Department and the Police Department are available from those departments. Citywide insurance policies are purchased from the Risk Management Self-Insurance Fund or the Workers' Compensation Self-Insurance Fund and are then allocated to each department. Funds are available for the payment of these insurance allocations in each department's budget.
Insurance Policy Type Department Estimated Cost
- Blanket Property and Boiler and Citywide $3,110,000
Machinery Insurance
- Excess Liability Insurance Citywide $2,100,000
(Multiple Layers)
- Excess Workers' Compensation Insurance Citywide $303,000
- Network Security and Cyber Citywide $283,800
Liability Insurance
- Police Aircraft Liability and Hull Insurance Police $107,000
- Aviation Airport Liability Insurance Aviation $490,000
- Miscellaneous Property and Citywide $55,600
Casualty Insurance
Financial Impact
Not to exceed $6,449,400, comprised of funds from the Risk Management Self-Insurance Fund and various departments.
Department
Responsible Department
This item is submitted by City Manager Ed Zuercher and the Finance Department.