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' • • <br />1 <br />• <br />t ANALYSIS OF INSURANCE QUOTATIONS <br />' Overview: <br />The City of LaPorte retained RIMCO to prepare comprehensive insurance <br />specifications in order to obtain quotations for the property and <br />casualty insurance coverages of the City. The specifications were <br />prepared utilizing data available from the City and the present insur- <br />ance agency, and were based upon recommendations made in a risk manage- <br />1 meet survey prepared for the City of LaPorte. The City advertised that <br />it was bidding its insurance program and invited agents with an interest <br />to do so to obtain copies of the specifications. The insurance agents <br />' had six weeks in order to secure quotations from the insurance market- <br />place. <br />' The following insurance agencies quoted on the City's property and <br />casualty insurance program: <br />1. Ken Strum Insurance Agency <br />2. Cornelius & Associates, Inc. <br />3. Arthur J. Gallagher & Co. - Dallas <br />Also, the Texas Municipal League (TML) quoted on the Workers' Compensa- <br />tion, Comprehensive General Liability, Automobile Liability, Professional <br />Liability, Automobile Physical Damage, Property, and Equipment Floater <br />coverages. The TML was unable to obtain an Umbrella quote because the <br />' market was already committed to another agent. The TML uses the Mission <br />Insurance Company to provide Umbrella coverage; we would anticipate that <br />the cost would be competitive. <br />Procedures Used in Comparing Quotations: <br />' Following receipt of the specifications, RIMCO analyzed the various <br />quotes on behalf of the City. The four criteria used in analyzing the <br />quotes were: coverage, cost, service and financial solvency of the <br />insurance carriers. This report is a synopsis of our analysis. <br />The cost comparison, page 3, was prepared based on the following cover- <br />ages, limits, and. deductibles: <br />' 1. Automobile - $500,000 CSL, Comprehensive $50 deductible, <br />Collision on five fire trucks with $5,000 deductible, and <br />Fire, Theft and CAC coverage on five fire trucks. <br />' 2. General Liability - $500,000 CSL, Broad Form Comprehensive. <br />Liability Endorsement. <br />' Tillingh~ Rimco <br />