Item - 2019.GL4.5
Tracking Status
- City Council adopted this item on May 14 and 15, 2019 without amendments and without debate.
- This item was considered by the General Government and Licensing Committee on April 23, 2019 and adopted without amendment. It will be considered by City Council on May 14 and 15, 2019.
GL4.5 - Authority Request for the Annual Insurance Program Renewals in Years 2019 to 2022
- Decision Type:
- ACTION
- Status:
- Adopted on Consent
- Wards:
- All
City Council Decision
City Council on May 14 and 15, 2019, adopted the following:
1. City Council authorize the Chief Financial Officer and Treasurer to contract for the following insurance policies for the duration of the current Council term ending November 14, 2022:
a. the various insurance policies outlined in Attachment 1 to the report (April 4, 2019) from the Chief Financial Officer and Treasurer, which form the City of Toronto's property and casualty insurance program, as the current policies come due for renewal; and
b. additional insurance policies, as may be required from time to time for specific divisional purposes, provided that the relevant division has adequate budget funding for the premium and that such total annual premium costs do not exceed $500,000;
all upon such terms, including pricing and length of policy term, as are satisfactory to the Chief Financial Officer and Treasurer, in consultation with the City of Toronto's insurance broker, subject to a Council-Approved Budget.
Background Information (Committee)
https://www.toronto.ca/legdocs/mmis/2019/gl/bgrd/backgroundfile-131725.pdf
GL4.5 - Authority Request for the Annual Insurance Program Renewals in Years 2019 to 2022
- Decision Type:
- ACTION
- Status:
- Adopted
- Wards:
- All
Committee Recommendations
The General Government and Licensing Committee recommends that:
1. City Council authorize the Chief Financial Officer and Treasurer to contract for the following insurance policies for the duration of the current Council term ending November 14, 2022:
a. The various insurance policies outlined in Attachment 1 to the report (April 4, 2019) from the Chief Financial Officer and Treasurer, which form the City of Toronto's property and casualty insurance program, as the current policies come due for renewal; and
b. Additional insurance policies, as may be required from time to time for specific divisional purposes, provided that the relevant division has adequate budget funding for the premium and that such total annual premium costs do not exceed $500,000,
all upon such terms, including pricing and length of policy term, as are satisfactory to the Chief Financial Officer and Treasurer, in consultation with the City of Toronto's insurance broker, subject to a Council Approved Budget.
Origin
Summary
The purpose of this report is to recommend that City Council delegate authority to the Chief Financial Officer and Treasurer to contract for various insurance policies during the current City Council term. The City uses the services of insurance broker Marsh Canada Ltd. (Marsh), approved by the Bid Award Panel (Item BA55.1) on December 20, 2017, to access the worldwide marketplace to obtain quotes on insurance policies and report the results to the City.
The City's property and casualty insurance program consists of 27 insurance policies, as detailed in Attachment 1. The current annualized estimated cost of the full insurance program is $6,194,562 excluding applicable taxes. This cost is subject to change as each policy renews. Staff recommend 19 insurance policies be contracted for on June 1, 2019 at a cost of no more than $5,859,577 excluding applicable taxes. A total of 27 insurance policies will be contracted for on their subsequent renewal dates, as detailed in this report, at a cost which will be determined at the time of their renewal.
Background Information
https://www.toronto.ca/legdocs/mmis/2019/gl/bgrd/backgroundfile-131725.pdf