01/10/83 Board of Public Works Minutes

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REGULAR MEETING JANUARY 10. 1983 Health Claims Benefit Trust Life Bath, VanMele Administration Administration Fee $ 70,930 $ 74,259 $ 66,528 Life and'AD&D 59,482 57,539 57,539 Fixed Costs 130,412 131,798 124,067 Expected Liability 1,510,412 1,511,798 1,504,067 According to Corporate Policyholders it is their opinion that even though Health Claims Administrations appears to have a slight financial edge, it is more than offset by three (3) factors: 1. Local claim administration; 2. Well established claim handling capabilities; and 3. The intangible costs of transferring benefit administra- tion from one administrator to another. In conclusion, Corporate Policyholders Counsel recommends that the self -funded Health and insured Life and AD&D contracts be awarded to the Benefit Trust Life Insurance Company. Upon a motion made by Mr. Kernan, seconded by Mr. Hill and carried, the above recommendation was approved. AWARD BID - PROPERTY AND CASUALTY INSURANCE Mr. Kernan presented to the Board the recommendations of Corporate Policyholders Counsel, Inc. concerning the premiums and coverage features quoted to the City by six (6) insurance agents in connection with the renewal of the property and casualty insurance coverage which expires on January 15, 1983. Their recommendations are as follows: PROPERTY INSURANCE, FLOOD AND EARTHQUAKE AND BUSINESS INTERRUPTION INSURANCE This coverage should be awarded to the Hartford Insurance Company through the Bruner Cassady Neeser Agency. The premium is not the lowest but they are the present carrier and the continuity of continuing with them is recommended. Additionally, Hartford offers a premium payment plan of twenty-five per cent (25io) down and nine (9) installments so the cash -flow would more than offset the premium differential. BOILER INSURANCE This coverage does not expire at this time but quotations were requested on the cost of broadening the coverage to the comprehensive form. Hartford Steam Boiler, the present insurance company, quoted the most favorable premium for this coverage and Corporate Policyholders recommends this broader protection be accepted. FLOATER COVERAGES To be placed with the New Hampshire Insurance Company through the Miller Agency who quoted the lowest cost for the recom- mended coverage. WORKERS' COVERAGE, COMPREHENSIVE GENERAL LIABILITY AND AUTOMOBILE LIABILITY INSURANCE To be placed with the Granite State Insurance Company and the New Hampshire Insurance Company through the Miller Agency at a premium of $195,030.00. This company offers malpractice insurance for paramedics, accidental pollution coverage, liquor liability coverage and protection for employees. According to Corporate Policyholders, these features are valuable additions to the standard comprehen- sive general liability coverage. 1 C