Broken Arrow City Council
Meeting of: June 6, 2022
Title:
title
Approval of and authorization to execute a purchase of Oklahoma Municipal Assurance Group (OMAG) Insurance Policies for the Bass Pro property, mobile equipment and general municipal property, effective July 1, 2022
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Background:
Oklahoma Municipal Assurance Group (OMAG) currently provides property loss coverage to all major structures, facilities, buildings, mobile equipment, and the City-owned building occupied by Bass Pro Shops.
The total property value associated with the coverage at Bass Pro Shops is $27,578,250.00. The policy premium for Bass Pro Shops, through OMAG beginning July 1, 2022, is $40,465.00. Renewal of the blanket mobile equipment coverage policy is valued at $2,227,779.00 and the policy premium, beginning July 1, 2022, is $9,178.00. Renewal of the general municipal property policy through OMAG provides coverage for buildings and personal property in the amount of $243,147,462. The policy premium for the general municipal property, beginning July 1, 2022, is $274,860.00.
Staff recommends approval of these three policies with OMAG for the period of July 1, 2022, through July 1, 2023. The policy premiums total $324,503.00. 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: $324,503.00
Funding Source: General Government 1101700 and BAMA 2201700
Requested By: Kelly Cox, Human Resources Director
Approved By: City Manager’s Office
Attachments: Bass Pro Property (OMAG)
City of Broken Arrow Property (OMAG)
Mobile Equipment Coverage (OMAG)
Recommendation:
recommend
Approve and authorize execution of a purchase of Oklahoma Municipal Assurance Group (OMAG) Insurance Policies for the Bass Pro property, mobile equipment and general municipal property, effective July 1, 2022.
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