City Council

Item No. 17. 2024-0425 CONSIDER RENEWAL OF EXCESS LIABILITY, EXCESS WORKERS COMPENSATION, ALL-RISK PROPERTY, AUTO PHYSICAL DAMAGE, INLAND MARINE EQUIPMENT INSURANCE, EARTHQUAKE, CYBER LIABILITY, VOLUNTEER ACCIDENT, DRONE INSURANCE, CRIME INSURANCE, STORAGE TANK LIABILITY AND FIDUCIARY LIABILITY INSURANCE FOR FY 2024/25 (CITY COUNCIL) Recommendation: TAKE the following actions: 1. APPROVE PRISM's GL1 Program to provide coverage for the City's Excess Liability Insurance for FY 2024/25, at an overall not-to-exceed cost of $1,495,000. 2. APPROVE PRISM to provide coverage for the City's Excess Workers' Compensation Insurance for FY 2024/25, at an overall not-to-exceed cost of $252,000, PLUS estimated FY 2023/24 audit premium of $27,000. 3. APPROVE the City's insurance broker, Alliant Insurance Services, to place all risk property insurance through the Alliant Property Insurance Program ("APIP"), including terrorism, flood, and pollution, for FY 2024/25, at an overall not-to -exceed cost of $347,000. 4. APPROVE the City's insurance broker, Alliant Insurance Services, to place physical damage Insurance for City's automobiles with Alliant Mobile Vehicle Program (AMVP) for FY 2024/25, at an overall not-to -exceed cost of $18,000. 5. APPROVE the City's insurance broker, Alliant Insurance Services, to place Parametric Earthquake coverage for FY 2024/25, at an overall not-to -exceed cost of $6,503. 6. APPROVE PRISM to provide Cyber Liability Insurance for FY 2024/25, at an overall not-to -exceed cost of $35,000. 7. APPROVE the City's insurance broker, Alliant Insurance Services, to place Volunteer Accident Insurance with The Hartford Insurance Company for FY 2024/25, at an annual premium of $340. 8. APPROVE the City's insurance broker, Alliant Insurance Services, to place the City's Drone Insurance with Global Aerospace Insurance Company for FY 2024/25, at an overall not-to -exceed cost of $1,887. 9. APPROVE the City's insurance broker, Alliant Insurance Services, to place Alliant Crime Insurance Program (ACIP) to provide the city's crime coverage for FY 2024/25, at an overall not-to -exceed cost of $3,607. 10. APPROVE the City's insurance broker, Alliant Insurance Services, to place Storage Tank Liability Insurance with ACE American Insurance Company for FY 2024/25, at an annual premium of $2,221. 11. APPROVE the City's insurance broker, Alliant Insurance Services, to place Fiduciary Liability coverage with Hudson Insurance Company for FY 2024/25, at an annual premium of $6,855. 12. APPROVE the City's insurance broker, Alliant Insurance Services, to place Inland Marine (Contractors Equipment) coverage with Travelers Insurance Company, or other insurance company if cost-effective, for FY 2024/25, at an annual not-to-exceed premium of $15,000. Attachments: 2023-2024 City of Carson Schedule of Coverages.pdf