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Meeting Date:
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7/17/2024 - 6:00 PM
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Category:
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OFFICE OF MANAGEMENT, ADMINISTRATION, PLANNING AND OPERATIONS
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Type:
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Action
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Subject:
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18.23 Zurich American Insurance Company – Amendment 2
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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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Zurich American Insurance Company
Term: June 30, 2024 to June 30, 2025
Amount: $71,200.00 reduction in fees
Scope: Amendment 2 of a general fund contract reflects a reduction in fees.
Overview:
To amend Property, Boiler & Machinery and Terrorism Insurance for FY 2024-2025 to the Zurich American Insurance Company to reflect a reduction in the annual insurance from $1,533,000.00 by $71,200.00. This will bring our total property insurance coverage cost down to $1,462,000.00 annually.
Zurich American Insurance Company has increased coverage limits in several areas of the policy while maintaining our current $100,000.00 deductible.
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Funding:
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$71,200.00 reduction in fees
450.5303.100000.1910.B2310 General Fund-Insurance
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Resolution:
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WHEREAS the Administration wishes to procure Property Insurance, including Boiler, Machinery and Terrorism coverage and Zurich American Insurance Company has offered a reduction in their annual fees of $71,200.00, and
WHEREAS proposals were obtained and analyzed by the District’s insurance broker, Nausch, Hogan and Murray, and
WHEREAS Zurich American Insurance Company has submitted a proposal which meets the Yonkers Public Schools specifications and requirements.
NOW THEREFORE BE IT RESOLVED: That the Property Insurance, including Boiler, Machinery and Terrorism coverage be amended to reflect a reduction in their annual fees of $71,200.00, for the fiscal year 2024-2025, as follows:
Zurich American Insurance Company
1299 Zurich Way
Schaumburg, Illinois 60196-1056
Total reduction: $71,200.00
AND BE IT FURTHER RESOLVED: That the Board of Education hereby authorizes the Superintendent of Schools to amend Property Insurance, including Boiler, Machinery and Terrorism coverage with 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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Frank Hernandez - Assistant Superintendent
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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 procure Property Insurance, including Boiler, Machinery and Terrorism coverage and Zurich American Insurance Company has offered a reduction in their annual fees of $71,200.00, and
WHEREAS proposals were obtained and analyzed by the District’s insurance broker, Nausch, Hogan and Murray, and
WHEREAS Zurich American Insurance Company has submitted a proposal which meets the Yonkers Public Schools specifications and requirements.
NOW THEREFORE BE IT RESOLVED: That the Property Insurance, including Boiler, Machinery and Terrorism coverage be amended to reflect a reduction in their annual fees of $71,200.00, for the fiscal year 2024-2025, as follows:
Zurich American Insurance Company
1299 Zurich Way
Schaumburg, Illinois 60196-1056
Total reduction: $71,200.00
AND BE IT FURTHER RESOLVED: That the Board of Education hereby authorizes the Superintendent of Schools to amend Property Insurance, including Boiler, Machinery and Terrorism coverage with the above mentioned firm through our insurance broker, Nausch, Hogan and Murray, Inc.'. Upon a Roll-Call Vote being taken, the vote was: Aye: 5 Nay: 0 Abstain: 1. | | The motion Carried 5 - 0 | | | | | Dr. Rosalba Corrado Del Vecchio | Yes | | Kevin Cacace | Yes | | Gail Burns | Abstain | | Dr. John Castanaro | Yes | | Amjed Kuri | Yes | | Sheila Greenwald | Yes | |
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