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Home My WebLink About082-86 Ordinance RECORD OF ORDINANCES 225 National Graphics Corp., Cols., o. .... Form No. 2806-A Ordinance N 0 'm_~~=~~________u p assedhu___ ______________________h___________________19 _____, -- AN ORDINANCE TO ACCEPT A BID FOR COMPREHENSIVE GENERAL LIABILITY INSURANCE PROTECTING THE VILLAGE OF DUBLIN, OHIO: AND DECLARING AN EMERGENCY. WHEREAS, bids have been received for Comprehensive General Liability Insurance including coverage for Bodily Injury Liability and Property Damage Liability; and, WHEREAS, the lowest/best bid is from Len Webb Agency in the amount of $ 20,021 for coverage from November 12, 1986 to November 12, 1987. NOW, THEREFORE, BE IT ORDAINED by the Council of the Village of Dublin, State of Ohio, 6 of the elected members concurring: Section 1. That the bid of Len Webb Agency, Inc. for the period of November 12, 1986 to November 12, 1987 be, and hereby is, accepted. Section 2. That the Village Manager be, and hereby is, authorized to ente into a contract with said firm for said insurance coverage. Section 3. That this Ordinance be, and the same hereby is, declared to be an emergency measure for the reason that the current coverage will expire on November 12, 1986 and therefore this Ordinance shall take effect and be in force immediately upon its passage. Passed this 3rd day of November 1986. , Attest: JA&LMJ ~ ~~ Clerk of Cou ci 1 . Sponsor: Village Manager 1 hereby certify that copies of this Ordinance/Resolution were posted in the Village of Dublin in accordance with Section 731.25 of the Ohio Revised Co~~. '- J;LI~/k7 <-n; . ~<- Clerk of Councij ,-- MEMORANDUM TO: Council Members FROM: Dave Harding, Administrative Assistant to the Village Manager ~ SUBJECT: Liability Insurance Bids DATE: October 29, 1986 . After advertising for bids for Comprehensive General Liability and Umbrella " Liability Insurance coverage, bids were received and opened on Friday, October 24, 1986. Attached please find the tabulation of bids and an ordinance accepting the lowest/best bid. Proposals Received The Len Webb agency submitted a bid for Comprehensive General Liability coverage but none for Umbrella Liability coverage. The annual premium Quote for Comprehensive General Liability coverage is $20,021. (Refer to the Bid Tabulation attachment) . Frank B. Hall submitted a bid for Comprehensive General Liability coverage but none for Umbrella Liability coverage. The bid included two coverage levels. The annual premium quote for coverage A is $111,765. The annual premium quote for coverage B is $156,471. Corroon & Black of Ohio, Inc. submitted no bid for Comprehensive General Liability coverage but submitted a letter proposing the possibility of providing Umbrella Liability coverage. They could not quote an exact premium for such coverage because they did not provide a quote on the underlying Comprehensive General Liability coverage and did not know what premiums other bidders would quote for their Comprehensive General Liability coverage. A quote for Umbrella coverage is based in part on the underlying coverage. However, Corroon & Black stated that the Village could expect an annual premium of at least $100,000 for $1,000,000 Umbrella coverage. Coverage of $2,000,000 and $5,000,000 may be available, of course at much higher premiums. I Liability lnsurance Bids October 29, 1986 Page 2 , Analysis & Recommendation You will note that the Len Webb Agency has submitted the low bid of $20,021 for Comprehensive General Liability coverage. This bid compares to the $17,063 bid received last year from Mr. Webb. Essentially, the coverage with Mr. Webb would be a renewal of our present coverage. In light of the present municipal liability insurance market, characterized by sky-rocketing premiums for less coverage amounts, this quote seems very reasonable in my opinion. Therefore, I would recommend that the Len Webb Agency's bid of $20,021 for the period . covering November 12, 1986 to November 12, 1987 be accepted by Council. Regarding the matter of Umbrella Liability coverage,it should be noted that presently the Village has no such coverage. This is due to the fact that last ~ year we had no bids for such coverage. The past two years, this form of coverage has not been available at a realistic price if at all. This year, Corroon & Black of Ohio, Inc. has offered to make an effort to provide such , coverage at a minimum premium of $100,000. I doubt that Council wishes to spend a minimum of $100,000 for such coverage. This means that the Village would again be without Umbrella Liability coverage. However, there may be good news on the horizon. Legistation involving governmental liability insurance and tort reform has been introduced in the Ohio Legislature which may drastically, change the governmental liability insurance market in Ohio. This legislation, if passed, may ease the crisis in the market and make liability insurance more affordable. Again, I would recommend that the Len Webb Agency's bid of $20,021 for Comprehensive General Liability coverage from November 12, 1986 to November 12, 1987 be accepted by Council. Since the current coverage expires on November 12, 1986, I respectfully request that the attached ordinance be adopted as emergency legislation. Ql oJ l'O E g e ..... :;) oJ .... .... III \0 e e t&.l ao II II Q\ ... ""' .... ... 0 Ql Ql .-4 Do .... -0 ...... 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