M E M O R A N D U M
To: Honorable Mayor and Town Council
From: Rafael G. Casals, Town Manager
Date: May 20, 2015
Re: Issuance of Request for Proposals (RFP) No. 15-10: Property, Liability and Casualty Insurance
REQUEST
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A RESOLUTION OF THE MAYOR AND TOWN COUNCIL OF THE TOWN OF CUTLER BAY, FLORIDA, AUTHORIZING THE ISSUANCE OF A REQUEST FOR PROPOSAL (RFP) FOR PROPERTY, LIABILITY AND CASUALTY INSURANCE; AND PROVIDING FOR AN EFFECTIVE DATE.
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BACKGROUND AND ANALYSIS
The Town of Cutler Bay Department of Finance would like to release a Request for Proposal (RFP) to obtain competitively bid premiums for property, liability and casualty insurance coverage. The RFP would request proposals for the following business insurance types:
· Liability
· Property
· Auto
· Workers Compensation
· Flood
· Storage Tank Liability
The Town currently has its business insurance through the Florida League of Cities' Florida Municipal Insurance Trust (FMIT). Coverage has been secured through FMIT since incorporation. During the budget process, Staff indicated to the Town Council that it would continue to review all significant vendor relationships and evaluate the possibility for cost savings. As we approach the budget season for the FY 2015-16 budget year, Staff believes this is the appropriate time to determine if any savings and/or better coverage options are available from other vendors. Accordingly, Staff desires to issue RFP No. 15-10 for Property, Liability and Casualty Insurance.
RECOMMENDATION
We recommend that the attached Resolution authorizing the Town Manager to issue a Request for Proposal (RFP No. 15-10) be adopted.