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Meeting Date:
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Category:
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SCHOOL FACILITIES MANAGEMENT |
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Type:
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Subject:
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18.5 Philadelphia Indemnity Insurance Company – Award |
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District Goals:
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Enclosure:
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File Attachment:
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Rationale:
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Philadelphia Indemnity Insurance Company
Term: 365 calendar days
Amount: $267,786.00
Scope: Award of a general fund contract for District Automobile Insurance and Excess Liability Insurance for 2024-2025 to Philadelphia Indemnity Insurance Company in the amount of $267,786.00. This is $19,078 or 7.65% higher than last year. Reportedly, this is due to an increase in the number of claims and a high loss ratio.
The above is comprised of the two following components:
Primary Auto Insurance Coverage is $217,831.00 which is an increase of $11,962.00 (8%) over a single year.
The Excess Liability Insurance providing another $4 million in liability coverage is $49,955.00 (Including TRIA), which is a decrease (10.19%) from last years $55,623.00.
Term is from July 1, 2024 to June 30, 2025.
This is to authorize the administration to award the contract for District Automobile Insurance and Excess Liability Insurance (Including TRIA) for fiscal year 2024-2025. Proposals were garnered and analyzed by the District's broker, Nausch, Hogan and Murray (NHM). Philadelphia Indemnity Insurance Company, the incumbent provider, has submitted the most advantageous proposal maintaining expiring conditions which combine primary and excess policies with limits $1,000,000 and $4,000,000 (total limit $5,000,000) respectively. The quote also takes into consideration claims made during last year and claims that were reopened which date back to several years.
In addition to Philadelphia Indemnity Insurance Company, NHM requested quotes from Zurich, who could not meet all of our requirements, CNA Insurance and SOMPO International, both of whom declined to quote. |
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Funding:
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Pending Adoption of FY2024-25 Budget
450.5303.100000.1910.B2310 General Fund-Insurance |
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Resolution
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WHEREAS the Administration wishes to award the Automobile Insurance and Excess Liability Insurance for the fiscal year 2024-2025, and
WHEREAS proposals were obtained by the District’s insurance broker, Nausch, Hogan and Murray for the Yonkers Public Schools/City of Yonkers, and
WHEREAS Philadelphia Indemnity Insurance Company submitted a proposal that meets all of the Yonkers Public Schools specifications and requirements for Primary Auto Insurance and Excess Liability Insurance, and the proposal in the amount of $267,786.00 been deemed acceptable.
NOW THEREFORE BE IT RESOLVED: That insurance coverage for Automobile Insurance and Excess Liability Insurance for the 2024-2025 school year be awarded as follows:
Philadelphia Indemnity Insurance Company
One Bala Plaza, Suite 100
Bala Cynwyd, PA 19004
Total: $267,786.00
Term: 365 calendar days
AND BE IT FURTHER RESOLVED: That the Board of Education hereby authorizes the Superintendent of Schools to purchase District’s Automobile Insurance and Excess Liability Insurance coverage from the above mentioned firm through our insurance broker, Nausch, Hogan and Murray, Inc. |
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Approvals:
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Recommended By: |
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Signed By: |
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Michael Pelliccio - Director of Facilities III |
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Signed By: |
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Tom Collich - Purchasing Director |
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Signed By: |
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Finance Department - Finance Reviewer |
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Signed By: |
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Elizabeth Janocha - Deputy Commissioner |
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Signed By: |
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John Liszewski - Commissioner |
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Signed By: |
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Matthew Gallagher - Corporation Counsel |
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Signed By: |
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Anibal Soler, Jr. - Superintendent of Schools |
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Vote Results:
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| Original Motion | Member Kevin Cacace Moved, Member Sheila Greenwald seconded to approve the Original motion 'WHEREAS the Administration wishes to award the Automobile Insurance and Excess Liability Insurance for the fiscal year 2024-2025, and
WHEREAS proposals were obtained by the District’s insurance broker, Nausch, Hogan and Murray for the Yonkers Public Schools/City of Yonkers, and
WHEREAS Philadelphia Indemnity Insurance Company submitted a proposal that meets all of the Yonkers Public Schools specifications and requirements for Primary Auto Insurance and Excess Liability Insurance, and the proposal in the amount of $267,786.00 been deemed acceptable.
NOW THEREFORE BE IT RESOLVED: That insurance coverage for Automobile Insurance and Excess Liability Insurance for the 2024-2025 school year be awarded as follows:
Philadelphia Indemnity Insurance Company
One Bala Plaza, Suite 100
Bala Cynwyd, PA 19004
Total: $267,786.00
Term: 365 calendar days
AND BE IT FURTHER RESOLVED: That the Board of Education hereby authorizes the Superintendent of Schools to purchase District’s Automobile Insurance and Excess Liability Insurance coverage from the above mentioned firm through our insurance broker, Nausch, Hogan and Murray, Inc.'. Upon a Roll-Call Vote being taken, the vote was: Aye: 6 Nay: 0. | | The motion Carried 6 - 0 | | | | | Felix Rios | Yes | | Rosemarie Linton | Yes | | Sheila Greenwald | Yes | | Gail Burns | Yes | | Dr. Rosalba Corrado Del Vecchio | Yes | | Kevin Cacace | Yes | |
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