Broken Arrow City Council
Meeting of: June 20, 2022
Title:
title
Approval of and authorization to execute a Risk Management Services Agreement with the Arrow Group to provide brokerage services for Risk Management and Insurance Services administration to be effective July 1, 2022
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Background:
The Arrow Group has served as the City’s risk management and property insurance broker dating back to 2003. They currently provide brokerage services and arrange coverage for Bass Pro Shop property, general liability and umbrella policies, Battle Creek property and commercial umbrella policies, City property and mobile equipment policies, the electronic data processing policy and the cyber policy.
The Arrow Group helps to solve specific risk management problems and provides advisory assistance on insurance issues, policy reviews and renewals and claims management.
The Arrow Group charges a fee of 8% of earned insurance policy premiums for coverages provided through OMAG (currently Bass Pro property, City property and mobile equipment coverage), and they receive commissions paid by carriers who pay commissions directly to them (Chubb, Travelers, Central, and Philadelphia).
Staff recommends approval of the Risk Management Services Agreement with the Arrow Group to continue providing brokerage services for risk management and property insurance services.
Cost: $42,164.35
Funding Source: General Government 110-1700 and BAMA 220-1700
Requested By: Kelly Cox, Human Resources Director
Approved By: City Manager’s Office
Attachments: The Arrow Group 070122
Arrow Group Fee Schedule 070122
Recommendation:
recommend
Approve the Risk Management Services Agreement with Arrow Group to provide brokerage services for Risk Management and Insurance Services administration effective July 1, 2022.
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