August 17, 2020 - Insurance Committee Meeting

Insurance Committee Meeting
August 17, 2020  6:30 PM
Attendance: Mayor Hawk, VA Miller, Clerk – Treas. Kris King, Council Members Fox, Hess, Hilliard, Long, Radich, and Schwab. 
The meeting was opened by Mayor Hawk and turned over to Clerk King, who provided the following report:        
The Village’s liability and property insurance is a one-year policy that runs from September 25 to September 24 each year.  This is generally passed as a three-year ordinance.  The cost of the insurance changes throughout the contract only as the Village adds or deletes items from the policy.
As the years have passed, the Village has continued to have property values increase.  This can be attributed to infrastructure improvements, additional equipment, and additional vehicles.  There has also been the addition of the cyber and crime policies.
We are now at a point that the policy will be over $50,000 per year.  Solicitor Anthony has informed me that we are now required to competitively bid the policy.  According to the Ohio Compliance Supplement, the bidding threshold of a village is $50,000. 
This means I will need to put a bid specification package together, advertise two separate times, and collect the bids.  At this time, we will determine which bid is lowest and best for the village.
We had a third reading scheduled this meeting for the award of the contract and I am asking that the legislation be tabled in order to allow time to prepare the specs, advertise, and choose the lowest and best policy.
Interested vendors that provided quotes:
                Wichert Insurance, USI – a PEP, and Assured Partners
They have each been made aware of the situation and are being understanding.  They want our business.  Each of the companies is sending me a sample bid spec to work with.  I’ll be sitting down and going through all three and picking parts out of each to complete one that I feel best fits the village.
One change that we may want to consider with our policy is increasing the cyber and crime coverage.
Whether a motion is sufficient, or an ordinance is required was discussed and will be asked of Solicitor Anthony.
Questions and comments:          
Council Member Hilliard asked if there would be any other additional bidders.  Clerk King stated that more companies may bid.  Council Member Hilliard stated that we may get some new brokers and possibly save some money.  VA Miller explained how there is a limited number of companies that offer this type of insurance and each insurance company will only allow one broker to provide a bid of their product.
Meeting adjourned at 6:40 PM.
Kris King, Clerk-Treasurer