Agenda Packets - 1984/12/10 - Laserfiche WebLink

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TO- Mayor & City Council FROM: Finance Director DATE: December 71 1984 RE: INSURANCE & RISK MANAGEMENT CONSULTANT SERVICES CONTRACT The City contracted with Corporate Risk Managers, Inc. for provision of insurance and risk management services from November 1, 1983 until October 31, 1984. During that period Mr. Brian Colway of Corporate Risk Managers worked with me on the City's insurance program. With the assistance of personnel from Corporate Risk Managers, Inc. an inventory of City vehicles, equipment, and buildings and structures was undertaken. After the inventory was completed an evaluation was made of all items inventoried and new insurable values were assigned to them. A review of insurance contracts, then in existence, was made. Recommendations for broadened and new coverages were made by Mr. Colway. Those recommendations plus the insurable values obtained from the property inventory were encorporated into a new set of insurance specifications for the City. After Council approval of the new spec- ifications the City advertised and received bids on the 1984/85 contract. The contracts that were awarded gave the City increased coverages on higher insured values at approximately the same cost as the previous year's contact. Since the award of the 1984/85 contract, Mr. Colway has worked with me on the audit of the 1983/84 policies and several instrance claims. As a result of Mr. Colway's efforts I anticipate a small refund on the auto policy rather than an originally invoiced balance due. The work- man's compensation policy audit was found to be correct. Mr. Colway has not been able to determine the correctness of the liability policy audit as the Home Insurance Company has not furnished the audit work - papers requested. Mr. Colway has also reviewed for the City the insurance policies ob- tained for us by our agent, Transcontinental Brokers, and found that the coverages provided do not meet bid specifications in several areas. A copy of a memorandum to the Clerk -Administrator outlining this matter as well as a letter from Mr. Colway to our agent requesting those matters be taken care of is attached for your review. As previously mentioned in this memorandum our contract with Corporate Risk Managers, Inc.. expired on October 31, 1984. The attached mem- orandum from Corporate Risk Managers, Inc. requests renewal of their contract for one year at a cost of $3,325, the same cost as last year's contract. Mr. Colway will be present at the December 17, 1984 Agenda Session to discuss his proposed contract and to answer any questions you might have. I request Council renew the City's insurance and risk management consulting contract with Corporate Risk Managers, Inc. It is my opinion that the services provided by the firm were cost effective