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File #: 22-17    Version: 1 Name:
Type: Minute Order Status: Consent Agenda
File created: 6/20/2021 In control: City Council Meeting Agenda
On agenda: 6/28/2021 Final action:
Title: CC - 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, 2022
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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CC - 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, 2022

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Meeting Date: June 28, 2021

Contact Person/Dept: Serena Wright-Black/Administrative Services
Phone Number: (310) 253-5640

Fiscal Impact: Yes [] No [x] General Fund: Yes [] No []

Public Hearing: [] Action Item: [] Attachments: []

Commission Action Required: Yes [] No [X] Date:

Public Notification: (E-Mail) Meetings and Agendas - City Council (06/23/2021)

Department Approval: Serena Wright-Black, Assistant City Manager (06/20/2021)
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RECOMMENDATION

Staff recommends the City Council approve 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, 2022.


BACKGROUND/DISCUSSION

Since 2016, the City of Culver City (City) has contracted with AON Risk Insurance Services West, Inc. (AON) to purchase insurance coverage. Prior to that, the 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.

As indicated below, for the first four years after leaving ICRMA, the City realized a significant savings, receiving additional coverage and higher limits for a lower premium. However, last year presented a challenging market due to economic issues related to the global pandemic and increased police liability claims. In FY 20/21 the City's program premium increased by about 53%, or $714,881. In addition, the self-insured retention limit increased from $1M to $2M. The City recently received the renewals from our insurance broker for FY 21/22. The City's ins...

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