Laserfiche WebLink
10 Minutes <br /> <br />CASE 410: <br /> <br />RECOMMENEg~TIONTORETAIN RISK ¥~uNAGEME~f CONSULTA~'~ <br />SERVICES FOR 1988/1989 IN~3RANCE AOQUISITION <br /> By: Noel Graczyk, Finance Officer <br /> <br />Background: <br /> <br />In September of 1987 the Council was advised to consider bidding both agent cf <br />record and insurance provider se~,ices for the 1988/1989 coverage year. It was <br />also recommended that the City use the sen'ices of a risk management consultant <br />to advise the City in this process. Council indicated that this matter should <br />be Drought before Council in May 1988. <br /> <br />I have contacted Mr. Andrew F. Whitman of Risk Management Incorporated and <br />requested he outline the services and cost for assisting the City in the <br />bidding process. The bid process would be conducted in three phases: <br /> <br />PHASE I: ESTABLISH AGEh~(S) OF RECORD $1,300 <br /> <br /> Consultant services would be used in this phase to define service levels <br /> to be provided by the agent, insurance provider, and the Ci~y. Also <br /> defined would be criteria for agency exqperience and qualifications. This <br /> information would be used to draft an RFP for Agent of Record, draft a <br /> contract defining the services and compensation, and then engage the <br /> agent(s). <br /> <br />PHASE II: MANAGE INSURANCE BIDDING PROCESS $1,100 <br /> <br /> Consultant services would be used in this phase to develop insurance <br /> service specifications for all lines of coverage and direct submission cf <br /> specifications to mnderwriters. <br /> <br />PHASE III: EVALUATE OF PROPOSALS FROM AG~'~S/BROk~RS $2,500 <br /> <br />Consultant services would be used to evaluate insurance proposals and <br />recommend agent and insurance providers to be used by the City. <br /> <br />Tot~! cost to the City is estimated to be $4,900. This represents 6.1% of the <br />total $80,000 pre~..ium the City pays for all lines of insurance. <br /> <br />Use of the consultant as outlined above would provide the following: a) Agent <br />of record for the City -nder contract with defined compensation; b) Defined <br />levels of services; c) Revi~ of all uncovered, ~nder/over insured e):posures; <br />c) Reco~nendations for cost containment and self insurance. <br /> <br />Lnclesed for your iuformation are details to the proposal. <br /> <br />Recommendation: <br /> <br />Council action will be to discuss the above ir~ormation and te authorize Staff <br />to retain the services of Fdsk ~nagement incorporated. <br /> <br />Review Checklist: <br /> <br />ki~inistrator <br />Attorney <br />Lngineer <br />Community Deve!opm. ent Dire~or <br /> <br />X <br /> <br />Chief of Police <br />Finance Officer <br />Public works Superintendent <br />Other <br /> <br />X <br /> <br /> <br />