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Insurance Coverage Purchase or Renewal for General Operations
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RESOLVED, by the Milwaukee Metropolitan Sewerage Commission, that the Executive Director is authorized to renew, to purchase, or to direct the District’s insurance broker to renew or to purchase the following insurance policies for the policy period of October 1, 2024, through September 30, 2025, in the following amounts:
• Property/equipment breakdown through XL Insurance America, Inc., for an estimated annual premium of $1,564,595.
• Excess property/equipment breakdown through AIG Specialty Insurance Co. in an estimated annual premium of $219,739.
• Commercial vehicle policy through EMCASCO Insurance Companies for an estimated annual premium of $51,133.
• Excess workers’ compensation through Midwest Employers’ Casualty for $85,992 annually.
• Excess liability policy through Cincinnati Insurance Co. for an estimated annual premium of $15,368.
• Marine protection and indemnity and hull policy through Atlantic Specialty Insurance Co. for an estimated annual premium of $28,482.
• Excess protection and indemnity policy through Atlantic Specialty Insurance Co. for an estimated annual premium of $9,739.
• Crime policy through National Union Fire Insurance Co. for an estimated annual premium of $7,984.
• Cyber liability through Resilience for an estimated annual premium of $64,890.
• Fiduciary liability and employment practices package policy through Cincinnati Insurance Co. for an estimated annual premium of $17,901.
• Continue Third Party Administrator contract for $7,500 minimum premium.
FURTHER RESOLVED, by the Milwaukee Metropolitan Sewerage Commission, that in the event the District’s insurance broker can obtain lower premiums from these or other insurance carriers for the same coverage and deductibles, the Executive Director is authorized to renew any of these policies with the lower cost insurance carrier.
FURTHER RESOLVED, by the Milwaukee Metropolitan Sewerage Commission, that in the event pricing changes between September 23, 2024, and October 1, 2024, the Executive Director is authorized to renew such policy after notice to Commissioners.