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Consider awarding contract RFPCL24-016 for the City of Lawton Property and Terrorism Insurance to INSURICA Insurance Services LLC underwritten by OMAG and Lloyd’s of London, for a total cost of $776,981.00
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INITIATOR: Craig Akard, Human Resources Director
STAFF INFORMATION SOURCE: Candy Brown, Human Resources Deputy Director; Colbie Garrrett, Finance Buyer
BACKGROUND: The City of Lawton solicited bid proposals for (RFPCL24-016 Property and Terrorism Insurance. INSURICA Insurance Services LLC was the only vendor to submit a proposal. The proposal met specifications in all respects. The price quoted for one year of coverage totaled $776,981.00. The cost breakdown is as follows: Building/Personal Property/Mobile Equipment - $738,149.00 Fine Art on Loan - $60.00, Lawton Airport Authority $38,832.00
EXHIBIT: Bid Proposal, Bid Price Sheet and Department Recommendation
KEY ISSUES: Does the City of Lawton wish to award contract (RFPC 24-016) for Property and Terrorism Insurance coverage to INSURICA Insurance Services LLC underwritten by OMAG and Lloyd’s of London?
FUNDING SOURCE: $738,149.00 will be paid out of the city’s General Fund the Lawton Airport Authority shall pay for their coverage totaling $38,832.00
STAFF RECOMMENDED COUNCIL ACTION: Award Contract (RFPCL24-016) for City of Lawton Property and Terrorism Insurance to INSURICA Insurance Services LLC underwritten by OMAG and Lloyd’s of London,