Title
Insurance Broker Services
Action
Action:
A. Approve a contract with Alliant Insurance Services, Inc. for insurance broker services for an initial term of three years, and
B. Authorize the City Manager to renew the contract for up to two, one-year terms with possible price adjustments and to amend the contract consistent with the purpose for which the contract was approved.
Body
Staff Resource(s):
Teresa Smith, Finance
Betty Coulter, Finance
Explanation
* Risk Management provides insurance and risk management services through an interlocal agreement with the City, Mecklenburg County, and the Charlotte-Mecklenburg Schools (CMS) Board of Education. The interlocal agreement divides risk management administrative costs three ways based on total costs:
* City pays 55 percent,
* Mecklenburg County pays 25 percent, and
* CMS Board of Education pays 20 percent.
* Risk Management purchases approximately $19 million in various insurance coverages each year.
* Alliant Insurance Services, Inc. will provide insurance broker services, including:
* The placement of appropriate insurance policies to cover numerous risks and liabilities;
* Management of the insurance components of the City, Mecklenburg County, and CMS Board of Education; and
* Assistance with the management of the total cost of risks related to the program.
* On November 8, 2021, the City issued a Request for Proposals (RFP); six responses were received.
* Alliant Insurance Services, Inc. best meets the City's needs in terms of high-level of customer service, extensive experience, advanced technology, and responsiveness to RFP requirements.
* Alliant Insurance Services, Inc. will be paid on a commission percentage basis. Annual expenditures are estimated to be $1.2 million. Performance measures are included for possible premium savings.
Charlotte Business INClusion
Per Charlotte Business INClusion Policy: Part C: Section 2.1 (a) The City shall not establish Subcontracting Goals for Contracts where ...
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