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CC - (1) Ratification of Amendment to Existing Professional Services Agreement with AON Risk Insurance Services West, Inc. to Continue Providing Broker Services for the City's Insurance Programs through June 30, 2021; and 2) FOUR-FIFTHS VOTE REQUIREMENT: Approval of an Amendment to the FY 2020/2021 Adopted Budget in the Amount of $652,285
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Meeting Date: July 13, 2020
Contact Person/Dept: Rachelle Adkins/Administrative Services
Phone Number: (310) 253-5640
Fiscal Impact: Yes [X] No [] General Fund: Yes [] No [X]
Public Hearing: [] Action Item: [X] Attachments: []
Commission Action Required: Yes [] No [X] Date:
Public Notification: (E-Mail) Meetings and Agendas - City Council (07/08/20);
Department Approval: Serena Wright-Black, Assistant City Manager (07/02/20)
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RECOMMENDATION
Staff recommends the City Council ratify an amendment to the existing professional services agreement with AON Risk Insurance Services West, Inc. to continue providing broker services for the City's insurance programs through June 30, 2021; and approve an amendment to the FY 2020/2021 Adopted Budget in the amount of $652,285 (a budget amendment requires a four-fifths vote).
BACKGROUND/DISCUSSION
For over 25 years the City of Culver City was a member of the Independent Cities Risk
Management Authority (ICRMA) for the purpose of participating in pooled programs for liability, workers compensation, auto physical damage, crime, and cyber insurance. City
Council approved withdrawal from ICRMA and authorized the execution of an insurance binder with AON Risk Insurance Services West, Inc. (AON) effective July 1, 2016.
As indicated below, over the past four years since leaving ICRMA, the City has realized a significant savings, receiving additional coverage and higher limits for a lower premium. However, this year has presented a challenging market due to ...
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