103-87 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.
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