TRANSMITTAL LETTER FOR BOARD MEETING OF NOVEMBER 1, 2012
COMMITTEE ON PROCUREMENT
Mr. David St. Pierre, Executive Director
Title
Issue purchase order to Myers Briggs & Company, Inc. for Furnishing Excess Marine Liability Insurance Coverage for District Marine Vessels in an amount not to exceed $13,725.00, Account 101-30000-612290, Requisition 1350322
Body
Dear Sir:
At the Board Meeting of June 2, 2011, the Board of Commissioners authorized the Director of Procurement and Materials Management to issue a purchase order and enter into an agreement for Contract 11-RFP-06 to Risk Management Resources, Inc. to be the District's broker-of-record for the three-year period. Recently, the assets of Risk Management Resources, Inc. were purchased by Myers Briggs & Company, Inc. As a result of the assignment of the contract, Myers Briggs & Company, Inc. (Myers Briggs) now has responsibility for securing quotes from the insurance market for specified insurance policies, and presenting the quotes from qualified carriers to the Director of Procurement and Materials Management for review and recommendation of a selected carrier.
On October 19, 2012, the District received certain bid quotations which Myers Briggs had solicited pursuant to the Detailed Specifications for Excess Marine Liability Insurance for a one-year period from November 1, 2012 through October 31, 2013 to provide insurance coverage for liability arising out of the MWRD's twelve marine vessels used for pollution control and monitoring water quality along Lake Michigan and the District's Waterways. An excess liability limit of ten million dollars subject to a deductible of ten thousand dollars per vessel was requested.
A total of 13 companies were notified and one viable quotation was received from the incumbent carrier, ProCentury Insurance Company, for $13,725.00. All other companies indicated that they could not be competitive.
The proposal was evaluated by Myers Briggs, the District's Risk Manager and representatives from Procurement and Materials Management. Based on their review, it was determined that the District should renew this coverage with ProCentury at the very competitive rate of $13,725.00 which is less than the premium paid in 2010. Finally, the insurance company is licensed in the State of Illinois with a rating of excellent and a stable financial outlook.
In view of the foregoing, it is recommended that the Director of Procurement and Materials Management be authorized to issue a purchase order to Myers Briggs & Company, Inc. in an amount not to exceed $13,725.00.
Funds are available in Account 101-30000-612290.
Requested, Denice E. Korcal, Director of Human Resources
Recommended, Darlene A. LoCascio, Director of Procurement and Materials Management
Respectfully Submitted, Barbara J. McGowan, Chairman Committee on Procurement
Disposition of this agenda item will be documented in the official Regular Board Meeting Minutes of the Board of Commissioners for November 1, 2012