HomeMy WebLinkAbout2014-166-2145 - Contract with Florida Municipal Insurance Trust 1515 NW 167 Street, Building 5 Suite 200
Miami Gardens, Florida 33169
City of Miami Gardens
Agenda Cover Memo
Council Meeting Date:
9/22/2014 Item Type:
(Enter X in box)
Resolution Ordinance Other
X
Fiscal Impact:
(Enter X in box)
Yes
No Ordinance Reading:
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1st Reading 2nd Reading
X Public Hearing:
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Yes No Yes No
X
Funding Source:
General Fund
Advertising Requirement:
(Enter X in box)
Yes No
Contract/P.O. Required:
2014/2015 Renewal
(Policy to bound upon
receipt of first
installment payment)
Yes No RFP/RFQ/Bid #:
X
Strategic Plan Related
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Yes No Strategic Plan Priority Area:
Enhance Organizational
Bus. & Economic Dev
Public Safety
Quality of Education
Qual. of Life & City Image
Communcation
Strategic Plan Obj./Strategy: (list the
specific objective/strategy this item will address)
Sponsor Name:
Cameron Benson,
City Manager
Department:
Human Resources
Short Title:
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MIAMI
GARDENS, FLORIDA, AUTHORIZING A RENEWAL OF THAT CERTAIN
CONTRACT BETWEEN THE CITY AND THE FLORIDA MUNICIPAL
INSURANCE TRUST FOR WORKER’S COMPENSATION, GENERAL
LIABILITY, PROPERTY/CASUALTY AND AUTOMOBILE INSURANCE
FOR FISCAL YEAR 2014/2015; PROVIDING FOR THE ADOPTION OF
REPRESENTATIONS; PROVIDING FOR AN EFFECTIVE DATE.
Staff Summary:
Background
In 2003 the City of Miami Gardens “City “contracted with the Florida League of Cities through its
municipal insurance consortium, Florida Municipal Insurance Trust (FMIT), to insure the City for
ITEM L-3) RESOLUTION
Agreement w/ Florida Municipal Insurance
Trust for Worker's Compensation
1515 NW 167 Street, Building 5 Suite 200
Miami Gardens, Florida 33169
Workers’ Compensation, General Liability (including Police Liability), Property and Casualty and
Automobile Insurance. Since 2003 the City has renewed its policy with FMIT.
Analysis
The City’s Workers’ Compensation, General Liability, Property and Casualty and Automobile Insurance
policy is up for renewal 10/01/2014. FMIT has provided a proposal to renew the City’s insurance
coverages for a combined total of $1,866,113.00 for fiscal year 2014/2015 (see attached Renewal Quote
for 2014‐2015) and is subject to audit at the end of the fiscal year of the actual payroll and expenditures.
FMIT’s renewal proposal includes a return of $44,916.00 in property premium, as well as a Drug‐Free
Workplace and Safety Program credits (included in General Liability premium). The renewal also reflects
a reduction in the City Workers’ Compensation experience modification by 15%. The reduction in
property premium, workplace and safety program credits combined with the reduction in Workers’
Compensation experience modification represents a total overall projected savings of $50,685.00 for
Workers’ Compensation, General Liability Property and Casualty and Automobile Insurance for fiscal
year 2014/2015, as compared to the overall total premium for FY 2013/2014 (see attached – Premium
Comparison Worksheet for 2014‐2015).
Fiscal Impact
City has the appropriate amount budgeted in the FY 2015 budget.
Proposed Action:
The City’s Workers’ Compensation, General Liability, Property and Casualty and Automobile Insurance
coverage is up for renewal effective 10/01/2014. FMIT has provided the City a renewal proposal for
$1,866,113.00 for fiscal year 2014/2015. The proposed renewal presents an overall $50,685.00
reduction in the cost in premium compared to 2013/2014 premiums. Staff recommends the City Council
accept the renewal as proposed.
Attachments:
FMIT Renewal Documents:
1. Premium Summary for 2014‐2014
2. Renewal Quote for 2014‐2015
3. Renewal Comparison Worksheet for 2014‐2015
4. City of Miami Gardens Property Schedule 2014‐2015
5. First Installment Billing