Minutes 08/25/2009 - Laserfiche WebLink

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AUQust 25. 2009 Discussion: . The City's current insurance broker contract is expiring on August 31, 2009, and there is a need to obtain a licensed broker for the placement of the City's required liability insurance coverages. . The procurement of insurance coverages requires a licensed broker that has the knowledge and resources to review market trends and statistics to ensure that insurance coverages are appropriate, adequate and cost effective. A licensed broker has the ability to access a variety of entities that consist of insurance carriers and . . reinsurance companies. Financial Impact: . Procurement of insurance through an insurance broker will save the City time and expense and provide expertise in evaluating coverages. Staff Recommends: . Adoption of a resolution authorizing procurement of insurance through the services of a broker. Vision Principles: A Robust and Prospering Economy. Next Steps Following Council Action: . Compliance with the procurement ordinance of the Portsmouth City Code and establishing a contract with a licensed broker to obtain insurance coverage for the City. Motion by Mr. Moody, and seconded by Mr. Smith, to adopt the following resolution, and was adopted by the following vote: "RESOLUTION AUTHORIZING PROCUREMENT OF CITY INSURANCE THROUGH INSURANCE AGENTS OR BROKERS AND AUTHORIZING THE CITY MANAGER TO ENTER INTO CONTRACTS OR AGREEMENTS FOR THAT PURPOSE WITH INSURANCE AGENTS OR BROKERS. WHEREAS, Section 12-277 of the Code of the City of Portsmouth, Virginia (2006) provides that the City may procure insurance through a licensed agent or broker selected through competitive negotiation, provided that the City Council make an advance determination that the competitive negotiation for insurance is not practicable or fiscally advantageous; and WHEREAS, insurance brokers and/or licensed agents have the expertise and ability to access a variety of insurance and reinsurance products and providers and the resources to properly track trends and changes in the commercial insurance industry. NOW THEREFORE BE IT RESOLVED by the Council of the City of Portsmouth, Virginia that the direct procurement of insurance through competitive negotiations by the City is neither practicable nor fiscally advantageous and that the City may procure the services of insurance brokers or licensed agents to obtain insurances in accordance with City Code Section 12-277. BE IT FURTHER RESOLVED that the City Manager is authorized to enter into contracts or agreements with insurance brokers or licensed agents to obtain insurance for the City when needed. BE IT FURTHER RESOLVED that this resolution shall take effect on the date of its adoption." Ayes: Heretick, Moody, Psi mas, Randall, Smith, Whitehurst, Holley Nays: None 09 - 446 - Adoption of a resolution authorizing a Revised Sale and Development Agreement for a New Portsmouth Courthouse.