Staff recommends approval of Midwest Public Risk (MPR) proposal to provide the City insurance for non-utility property, Contractors Equipment, and Auto Physical Damage.
For all programs, the annual premium would be $511,779 compared to the expiring combined premium of $464,831 – collectively a 10% increase, compared to the 17.8% savings in premium realized last year. This is reflective of the replacement cost valuations in the City’s property schedule.
Lockton Companies, Inc., who has been the City’s insurance broker since 2005, submitted the renewal proposal. The proposal was reviewed and recommended for approval by Charlesworth Consulting, LLC, the City’s risk management consultants.