Broken Arrow City Council
Meeting of: 01-05-2021
Title:
title
Approval of and authorization to execute the renewal of CyberRisk insurance coverage with Travelers Casualty and Surety Company of America
End
Background:
Cyber-based attacks on public sector entities continues to be a growing threat. To protect itself from liability and disruption from this kind of attack, the City purchased CyberRisk insurance coverage. Renewal of the CyberRisk insurance is presented for City Council approval.
Staff recommends Travelers Casualty and Surety Company of America (Travelers) be renewed to provide CyberRisk insurance protection at an annual premium of $39,577, an increase of $4,421. The policy provides a $3,000,000 coverage limit with a $25,000 deductible. Travelers was founded in 1853 and is a leading provider of property casualty insurance for businesses. Travelers has a current A.M. Best rating of A++ and
Cost: $39,577.00
Funding Source: General Government Insurance Fund in the General Fund and BAMA
Requested By: Jannette McCormick, Human Resources Director
Approved By: City Manager’s Office
Attachments: CyberRisk Travelers Quote
Recommendation:
recommend
Approve and authorize execution of the renewal of the CyberRisk insurance coverage with Travelers Casualty and Surety Company of America.
end