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Home My WebLink About103-87 Ordinance RECORD OF ORDINANCES . National Graphics Corp., Cols., 0, ~ Form No. 2806-A Ordinance No. .103__81________ Passed - ---- -- ------ ----------.- 19__ AN ORDINANCE ACCEPTING A BID FOR PROPERTY INSURANCE PROTECTING THE VILLAGE OF DUBLIN, OHIO; AND DECLARING AN EMERGENCY WHEREAS, after advertising and receiving bids for Property Insurance coverage; and WHEREAS, the lowest and best bid is from Town and Village Insurance Servic in the amount of $11,148.00 for coverage from August 23, 1987 to August 23, 1988; 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 in the amount of $11,148.00 for the period covering August 23, 1987 to August 23, 1988 be, and hereby is, accepted. Section 2. That the Manager be, and hereby is, authorized to enter into a contract with said firm for said insurance coverage. Section 3. That this Ordinance be, and hereby is, declared to be an emergency measure for the reason that the current coverage will expire on August 23, 1987 and therefore, this Ordinance shall take effect and be in force immediately upon its passage. Passed this 11th day of August , 1987. ~ Mayor - Presiding Officer Attest: /7 ~ J~ 11]. C(erk of Council Sponsor: Administrative Assistant to the Manager , 1 hereby certify tt1at copies of this Ordinance IResolution i were posted in the Village pf [\~!b!ifl in accordance with I I Section 731}1 of the Ohiu f{(;~:o"~ C'.!C~. i II J~ 7/7. <<~ II Cler'k of Council II II MEMORANDUM TO: Council Members and Manager FROM: David L. Harding, Administrative Assistant to the Manager SUBJECT: Property Insurance DATE: August 12, 1987 After advertising for bid proposals for Property Insurance, a total of six bid proposals were received and were opened at 10:00 A.M. on Friday, August 7, 1987. Attached please find a copy of the bid tabulation and ordinance accepting the lowest and best bid. Immediately following is a summary of the coverage items included in the bid specifications. SUMMARY OF COVERAGE ITEMS Item 1. Buildings and Contents Blanket on all real and personal property including electronic data processing equipment and software. (The specifications requested a premium quote based on a $250.00, $500.00 and $1,000.00 deductible.) Item 2. Extra Expense $150,000.00 blanket. (This is indirect loss coverage - a loss arising as a consequence of a direct loss, e.g. , the cost of renting office space for building and engineering staff if the building and engineering office is destroyed by fire.) Item 3. Valuable Papers $100,000.00 blanket. (This covers the cost of reproducing valuable documents, e.g. drawings, blueprints, deeds, maps, etc. ) Item 4. Scheduled Property Floater $242,546.00 coverage with a $250.00 deductible. (Covers equipment and property consisting of such items as a backhoe, leaf vacuum, insect fogger, mowers, tractors, plow blades, walkie-talkies, etc. Vehicles such as police cruisers and dump trucks are covered under Vehicle Fleet Insurance.) Item 5. Crime Coverage $50,000.00 employee dishonesty blanket position coverage. $10,000.00 blanket for loss of money and securities inside and outside the premises. Property Insurance August 12, 1987 Page Two PROPOSALS RECEIVED As stated previously, six proposals were received. Immediately following is a summary of the proposals received. Town and Village Insurance Service, Inc. submitted a proposal with insurance to be written with the Indiana Insurance Company. The grand total annual premium for all coverage items with a Buildings and Contents deductible of $250.00 is $11,148.00. The grand total annual premium for all coverage items with a Buildings and Contents deductible of $500.00 is $10,653.00. The grand total annual premium for all coverage items with a Buildings and Contents deductible of $1,000.00 is $10,117.00. Corroon and Black of Ohio, Inc. submitted a proposal with insurance to be written with the Twin City Fire Insurance Company (subsidiary of the Hartford Insurance Company) and the u.s. Fire Insurance Company (subsidiary of Crum and Forester). The proposal did not provide a grand total annual premium with a $250.00 deductible for Buildings and Contents coverage. The grand total annual premium for all coverage items with a Building and Contents deductible of $500.00 is $11,435.00. The grand total annual premium for all coverage items with a Buildings and Contents deductible of $1,000.00 is $11,254.00. Haughn and Associates, Inc. submitted a proposal with insurance to be written with the Buckeye Union Insurance Company. The grand total annual premium for all coverage items with a Buildings and Contents deductible of $250.00 is $12,788.00. The grand total annual premium for all coverage items with a Buildings and Contents deductible of $500.00 is $12,475.00. The grand total annual premium for all coverage items with a Buildings and Contents deductible of $1,000.00 is $11,923.00. The Len Webb Insurance Agency submitted a proposal with insurance to be written with the Erie Insurance Group. The grand total annual premium for all coverage items with a Buildings and Contents deductible of $200.00 is $13,986.00. (The $200.00 deductible represents a deviation from the bid specifications which requested a $250.00 deductible.) The grand total annual premium for all coverage items with a Buildings and Contents deductible of $500.00 is $13,513.00. The grand total annual premium for all coverage items with a Buildings and Contents deductible of $1,000.00 is $13,127.00. Mill Creek Insurance submitted a proposal with insurance to be written with the Motorists Insurance Companies. The proposal did not provide a grand total annual premium with a $250.00 or a $500.00 deductible. The grand total annual premium for all coverage items with a Buildings and Contents deductible of $1,000.00 is $15,415.00. The Wolf Insurance Agencies, Inc. submitted a proposal with insurance to be written with the Great American Insurance Companies. The grand total annual premium for all coverage items with a Buildings and Contents deductible of $250.00 is $20,688.00. The proposal indicated that a Buildings and Contents deductible of $500.00 or $1,000.00 was not available. Property Insurance August 12, 1987 Page Three ANALYSIS AND RECOMMENDATION After analyzing the six proposals which were submitted, I would recommend acceptance of the bid from Town and Village Insurance Service Inc. In addition, I would further recommend acceptance of Bid #1 in the amount of $11,148.00 which includes a $250.00 deductible for Buildings and Contents coverage. The basis for recommending the acceptance of Bid #1 is that the amount of the savings which would result from selecting Bid #2 or Bid #3 would not, in my judgment, justify selecting the higher deductible. If the Village experienced just two claims at the $500.00 deductible, the initial savings incurred from selecting that deductible would be lost. If the Village experienced just one claim at the $1,000.00 deductible, the init ia I savings incurred from selecting that deductible would basically be lost. Without a formal loss control program designed to reduce numbers of losses, it would appear to be a wise decision to select the lowest of the three deductibles. Since the current Property Insurance coverage expires on August 23, 1987, I would respectfully request that the attached Ordinance be adopted as emergency legisla- tion. DH: fmu , 0 0 0 0 0 I ('f) 0 0 0 0 0 I "**= . . . . . I 0 ..... ..;t ('f) ..... Ln I . . 0 "C .-! Ln N N .-! I 0 0 . '.-l .-! 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