HomeMy WebLinkAboutSTANDARD INSURANCE CO.
~~cation
CITY ~~JNIL C~~RlC 0~ YN~ ~oI~N~l~ ~S~ ONLY
EET~h~~ DA~~ September 1~ , ~.9 ~ ~
A~EI~~NTS ~oR EMPLOYEE A~ Recornme~ded
~'1T~E
A A~e~de~ see M~~~e)
LT~'~, AD&D AND LoN T~~I Ord ~nnee o~ ~ ~eadi~g
~ ~~d i~anee on end ~ead~~~
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DTSATLTTY TNS~ANCES a ~~~le~ent~~ Res~o~ut~on
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R~~I~MEN~~D ~~'ION
D~.rect the Attorney to prepare and author~.ze the Ma~vr and
Clem the Council to e~eoute agreements with the ~~rm o~
Provident Life in the amount o~ Tag , ~ 7 7 and Standard Triu~an~ in
the amount o 18 , ~ 13 , the ~.owet responsive bidders for Life and
Accidental Death and D~.smember~tent end Long Term Disbi,lity
Tnurance.
Discussion
Curren~.y, the City has ~ controt with Standard Tnsuranoe to
provide Ll~e, Accidental Death and Dis~temberment and Long Term
Disb~~.ity Tnsuranoe coverage for our emplo~tees, This dear
Standard Tnsuranee had ~ro~osed ~ ir~orease ~.n i.r~suranoe premium
rates at renewal, Since the present agreement exp~.res otober
1~~4, a formal bzd prooess was initiated this summer and proposa~.s
were released on ~Tu~.~ ~4, x.994 ,
~"ourteen carriers were sent the spe~.ications ad eight bide were
recex~red. The ~l.dS were re~~.ewed b a four-member oamm~ttee
oon~~rised ~ personnel Ser~l~e staff ~ The rrler were rated on
their bilit~ to dup~,~.cate current and proposed benefits, oust of
Cit~r--laid benefits, cost o~ e~mpl.o~ee~~aid be~ref~.ts, olaim
administrat~.on and ~inar~cia~. stab'~.it~.
I
AD~CD and Tong Teri D1Sab~~~.t~
epte~nber ~,9 , x.994
Page 2
A s~~nr~ar~ of ~ bids recei~red sere as f~~.lows:
~Al~ Life and AD&D co~v~rages
Bidders B~.d Aaunt
Pro~~.dent fife X09, X77
Mu~tt~al of Omaha ~~,,348
~tandax~d ~ n~ranoe ~.3 ~ , 5 ~ 1
Long Tern ~ sabi 1 its
Bidders Bid Amount
standard Insuran~ 1,2.3
Hartford 2~7, 7~?
Provident Life ~ ~ ~ ~ ~ ~.3
Provident quoted the ~tvt oor~petitive Life and ~~&D rtes, on the
Basin coverages pa~.d for b~ the Cit~r and the ~ol~untar~ ooverage.
Standard Tnsuranoe, the ~.ncumbent o~rrier, proposed the lo~rest
competitive Long Tex' D~.sabilit~r ~cate. Both oax~r~.ers agreed to
d.~.iate e~~.stin Basin benefits and have strong finan~~.al
ratings,
~"isoal ~m ant
~'nd ~n the amount of 1~.~, 0~~ fog ~.ife and AD&D and X170, ~~D for
Tong "berm Disability ~nsuran aye budgeted i,n ace~unt no. 81-177
521,
APPROVED As ~0 FCTN~s AND AOUNTS ;
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~ ~t ~`rancis of a
outive Director ~~'~Eecut' e Director
Personnel Services ~ ~`~.nnc & I~angement Serv~.ces
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