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Committee accepts analyst-recommended reduction to Alliant Insurance contract amendment
Summary
The Committee approved an amendment to the Alliant Insurance Services brokerage contract, accepting the budget analyst’s recommendation to reduce the requested not-to-exceed amount and forwarding the item to the Board; the change covers multiple city property and arts insurance needs.
The Budget and Finance Committee on Sept. 1 accepted the Budget Analyst’s recommendation to reduce the requested amendment to the city’s insurance brokerage contract with Alliant Insurance Services.
Matt Hansen, Director of the Risk Management Division, described the amendment as covering insurance for approximately $12+ billion in city property values, coverage for the city’s three fine arts museums and some builders risk coverage for public construction. Hansen said the department originally requested a larger increase but accepted the budget analyst’s recommended reduction because it covers current costs while acknowledging additional coverages may be requested later.
Budget analyst Deborah Newman reported an estimated agreement budget for the year of approximately $15,026,000, including budgeted expenditures and a $500,000 contingency for unanticipated insurance needs (art exhibits, construction projects, other events). The analyst recommended reducing the not-to-exceed from $17,000,000 to approximately $15,100,000 to match departmental budgets. The committee authorized the amendment and clerical changes and forwarded the item "without objection."
