CITY COUNCIL AGENDA ITEM
ACTION REQUESTED:
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Approve the recommendation by Alliant Insurance to award Property, Cyber Liability, and Pollution Liability Insurance Coverage through the Alliant Property Insurance Program for an amount not to exceed $1,111,969 and for a one-year term
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DEPARTMENT: Finance Department
SUBMITTED BY: Raymond Munch, Finance Director
BOARD/COMMISSION REVIEW:
N/A
BACKGROUND:
In 2022, the City awarded RFP 22-072, Insurance Brokerage and Professional Consulting Services, to Alliant Insurance Services, Inc. As the City's insurance broker, Alliant works on behalf of the City to procure options on various insurance policies before providing a final recommendation to the City for approval.
As an Alliant client, the City has access to the Alliant Property Insurance Program (APIP), a comprehensive policy structured through a group purchase program providing coverage for the following:
1. All-risk, flood and earthquake insurance for the City's buildings, infrastructure, and vehicles
2. Boiler and machinery insurance
3. Cyber liability insurance
4. Pollution liability insurance
APIP covers up to $1 billion under a layered and shared framework. This framework combines the services of more than 20 property insurance carriers to reduce costs while maintaining a sufficient level of protection.
As part of APIP, Alliant also provides the City with two additional policies for cyber liability and pollution liability as an underwritten component. Beazley Group (Lloyd's) will serve as the cyber liability carrier and Ironshore Specialty Insurance Company will serve as a pollution liability carrier.
The City's current property insurance and related policies will expire on July 1, 2025.
DISCUSSION:
After several consecutive years of increases in property insurance premiums, the 2025-2026 policy renewal is quoted at $1,111,969, a decrease of 4.97% from the prior year. A full year-over-year breakdown is provided in the table below.
2024-2025
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