Broken Arrow City Council
Meeting of: December 5, 2023
Title:
title
Approval of and authorization to execute a Cyber Policy with Travelers Casualty and Surety Company of America to be effective January 1, 2024
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Background:
To protect the City from liability and disruption from a cyber-attack, the City desires to renew a CyberRisk insurance policy from Travelers Casualty and Surety Company of America. Travelers Casualty has provided the City’s cyber policy coverage since January 1, 2020. The current policy held through Travelers for calendar year 2023 was $64,399.00; the renewal for calendar year 2024 was quoted for $67,077.00, an increase of $2,678.00.
The CyberRisk Policy aggregate limit is $3,000,000 and other limits as noted in the renewal quote attached. Travelers Casualty and Surety Company of America is a subsidiary of The Travelers Companies, Inc., and has earned high ratings for financial strength and claims-paying ability from independent rating services, including a current A.M. Best rating of A++. Founded in 1853, The Travelers Companies, Inc. is a Fortune 500 company, a component of the Dow Jones Industrial Average, and a leading provider of property casualty insurance for businesses.
Staff recommends approval of the renewed CyberRisk policy with Travelers Casualty and Surety Company of America to be effective January 1, 2024.
Cost: $67,077.00
Funding Source: General Government Insurance Fund and BAMA
Requested By: Kelly Cox, Human Resources Director
Approved By: City Manager’s Office
Attachments: renewal cyber quote 010124
Recommendation:
recommend
Authorization to execute a Cyber Policy with Travelers Casualty and Surety Company of America to be effective January 1, 2024
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