Broken Arrow City Council
Meeting of: 07-07-2015
To: Mayor and City Council
From: Office of the City Manager
Title:
title
Approval of the Fiscal Year 2015-16 Citywide Property Insurance Policies with the Oklahoma Municipal Assurance Group (OMAG) and Chubb Insurance
End
Background:
The annual renewal of the City-wide Property Insurance for fiscal year 2015-16 is presented for the Council’s approval. The Oklahoma Municipal Assurance Group (OMAG) currently provides property loss coverage to all major structures, facilities, buildings and mobile equipment. The total property value associated with the coverage is $156,456,663.00. Staff recommends that the Council approve retention of this policy with OMAG.
Chubb Insurance currently provides coverage for the City’s computer system. The total property value associated with the system is $1,554,816.00. Staff recommends that the Council approve retention of this policy with Chubb.
The annual premium quoted by OMAG increased from $194,911.00 to $207,214.00. The increase is attributable to adding Camino Villa Community Center to the City Property Schedule. OMAG is a quasi-municipal entity that was established by state statute in 1979 to provide insurance coverage and other products to Oklahoma municipalities. This is the third year the City has used them for property insurance.
Chubb Insurance’s renewal premium remains unchanged at $5,597.00. Chubb Insurance is a large, well respected company in the insurance industry and is rated A++ by AM Best Company.
Cost: $207,214.00 City-wide Property Insurance
$5,597.00 Specific Computer Equipment
Prepared By: Jannette McCormick, Acting Human Resources Director
Reviewed By: Finance Department
Legal Department
Assistant City Manger
Approved By: Russell M. Gale, Acting City Manager
Attachments: Renewal Letter of Recommendation
Recommendation:
Approve the Fiscal Year 2015-16 Citywide Property Insurance Policies with the Oklahoma Municipal Assurance Group (OMAG) and Chubb Insurance.