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Meeting Date:
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6/17/2020 - 5:00 PM
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Category:
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SCHOOL FACILITIES MANAGEMENT
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Type:
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Action
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Subject:
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17.6 AWARD OF GENERAL FUND Contract for Property, Boiler & Machinery Insurance for 2020-2021 to the Travelers Indemnity Company for an annual premium of $941,844.00. This is an increase of $103,008 or 12.28 % over the expiring premium.
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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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Term is from July 1, 2020 to June 30, 2021
This is to authorize the administration to award the contract for Property Insurance, (including Boiler, Machinery and Terrorism Insurance) for 2020-21 fiscal year. Proposals were solicited and analyzed by the District's broker, Nausch, Hogan and Murray. Travelers Indemnity Co., the incumbent provider, has provided the most competitive proposal. Besides Travelers, request for proposals were send to six other companies, Argo Insurance provided a higher price ($2,000,000) and Ascot, Hanover Ins. Co., Hartford Ins. Co Allianz, and CHUBB declined to quote.
The increased premium is attributed to an increase in the estimated replacement value of the building stock and contents and to some extent the recent claims history.
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Funding:
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450.5303.100000.1910. B2310. General Fund- Insurance
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Resolution:
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Ladies and Gentlemen:
WHEREAS, the Administration wishes to procure Property Insurance, including Boiler, Machinery and Terrorism coverage for the fiscal year 2020-2021, and
WHEREAS, proposals were obtained and analyzed by the Board’s insurance broker, Nausch, Hogan and Murray, and
WHEREAS, The Travelers Indemnity Co. has submitted a lowest 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 for the fiscal year 2020-2021 be awarded as follows:
The Travelers Indemnity Company
One Tower Square
Hartford, Ct 06183
Total: $941,844.00
AND BE IT FURTHER RESOLVED, that the Board of Education Hereby authorizes the Superintendent of Schools to award Property Insurance, including Boiler, Machinery and Terrorism coverage with the above mentioned firm through 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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John Carr - Executive 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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Tom Collich - Purchasing Director
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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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Dr._Andrea_S. Coddett - Deputy Superintendent
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Signed By:
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Dr. Edwin M. Quezada - Superintendent of Schools
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Vote Results:
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| Original Motion | Member Kevin Cacace Moved, Member Dr. Rosalba Corrado Del Vecchio seconded to approve the Original motion 'Ladies and Gentlemen:
WHEREAS, the Administration wishes to procure Property Insurance, including Boiler, Machinery and Terrorism coverage for the fiscal year 2020-2021, and
WHEREAS, proposals were obtained and analyzed by the Board’s insurance broker, Nausch, Hogan and Murray, and
WHEREAS, The Travelers Indemnity Co. has submitted a lowest 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 for the fiscal year 2020-2021 be awarded as follows:
The Travelers Indemnity Company
One Tower Square
Hartford, Ct 06183
Total: $941,844.00
AND BE IT FURTHER RESOLVED, that the Board of Education Hereby authorizes the Superintendent of Schools to award Property Insurance, including Boiler, Machinery and Terrorism coverage with the above mentioned firm through insurance broker, Nausch, Hogan and Murray, Inc.'. Upon a Roll-Call Vote being taken, the vote was: Aye: 7 Nay: 0. | | The motion Carried 7 - 0 | | | | | Dr. John Castanaro | Yes | | Abdool H. Jamal | Yes | | Dr. Rosalba Corrado Del Vecchio | Yes | | Andrea Brown | Yes | | Kevin Cacace | Yes | | Rev. Steve Lopez | Yes | | Judith_Ramos Meier | Yes | |
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