This resolution authorizes approval and execution of a professional services contract for property and casualty insurance broker and risk management services with PayneWest Insurance, Inc. (“PayneWest”). The City’s insurance broker advises the City on insurance coverage and markets its insurance coverage for various types of insurance, including property, excess liability and excess workers compensation insurance. Jeffrey Widdows of PayneWest works on the PayneWest service team. The current contract with PayneWest will expire August 31, 2019.
The proposed insurance broker contract is for a three-year period commencing September 1, 2019 through August 31, 2022, with an option to extend the Contract for an additional two years. The compensation under the Contract for each year of the three-year period is $80,000, to be paid annually in three installments. The $80,000 compensation represents an increase of $2,000, or 2.6%. PayneWest has not had an increase in its yearly compensation of $78,000 in five years since September 1, 2014. Staff is recommending that the City continue to contract with PayneWest for the City’s critical insurance coverage, broker and risk management services. |