Interoffice Memorandum
DATE: October 23, 2024
TO: Mayor Jerry L. Demings and County Commissioners
FROM: Carrie Mathes, CFCM, NIGP-CPP, CPPO, C.P.M., Manager II, Procurement Division
CONTACT: John Petrelli, Director, Risk Management and Professional Standards
PHONE: 407-836-9636
SUBJECT: Approval of Amendment No. 10, Contract Y20-1061, Insurance Broker Services for Commercial Insurance Program
ACTION REQUESTED:
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Approval of Amendment No. 10, Contract Y20-1061, Insurance Broker Services for Commercial Insurance Program, with Arthur J. Gallagher Risk Management Services, LLC, in the amount of $147,000, for a revised estimated contract amount of $910,560. ([Administration and Fiscal Services Risk Management and Professional Standards Division] Procurement Division)
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PROCUREMENT:
This amendment will allow Risk Management to facilitate the addition of services to support the formation and annual maintenance of the County's captive insurance program. Arthur J. Gallagher Risk Management Services, LLC, in conjunction with one of their subsidiaries, Artex Risk Solutions, Inc. will serve as consultant and will assist the County in the formation and maintenance of its captive insurance program.
FUNDING:
Funding is available in account number 5510-025-0328-3350.
APPROVALS:
The Risk Management Committee and the Risk Management Division concur with this
recommendation.
REMARKS:
On November 10, 2020, the Board authorized award of contract Y20-1061, Insurance Broker Services for Commercial Insurance Program to Arthur J. Gallagher Risk Management Services, LLC., in the estimated amount of $615,000 for a three-year term with two additional one-year renewal terms.
Captive insurance programs are an alternative to self-insurance in which a parent group or groups create a licensed insurance company to provide coverage for itself. Advantages of forming a captive include:
? Coverage tailored to meet your needs.
? Reduced operating costs.
? Improved cash flow....
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