Broken Arrow City Council
Meeting of: June 17, 2024
Title:
title
Approval of and authorization to execute the purchase of Oklahoma Municipal Assurance Group (OMAG) Insurance Policies for Bass Pro property, General Municipal Properties including Battle Creek Property, and Auto/Mobile Equipment effective July 1, 2024
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Background:
Oklahoma Municipal Assurance Group (OMAG) currently provides property loss coverage to all major structures, facilities, buildings, mobile equipment, Battle Creek, and the City-owned building occupied by Bass Pro Shops.
The total property value associated with the coverage at Bass Pro Shops is $30,405,021. The policy premium for Bass Pro Shops, through OMAG beginning July 1, 2024, is $44,394, an increase of $6,884 from last fiscal year.
The renewal of the general municipal property policy through OMAG provides coverage for buildings and personal property (including Battle Creek) in the amount of $276,747,746. The policy premium for the general municipal property, beginning July 1, 2024, is $368,475, an increase of 17.04% from last fiscal year.
Renewal of the blanket mobile equipment policy is valued at $2,227,779.00 with a premium of $9,927 beginning July 1, 2024. The mobile equipment policy renewal increased $192 from last fiscal year.
Staff recommends approval of these three policies with OMAG for the period of July 1, 2024, through July 1, 2025. The policy premiums total $429,680. OMAG is a quasi-municipal entity that was established by State statute in 1979 to provide insurance coverage and other products to Oklahoma municipalities.
Cost: $429,680.00
Funding Source: General Government 110-1700 and BAMA 220-1700
Requested By: Kelly Cox, Human Resources Director
Approved By: City Manager's Office
Attachments: Bass Pro Property Declarations Page
City Property (including Battle Creek) Declarations Page
Auto Mobile Equipment Declarations Page ...
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