title
Authorization to purchase Casualty and Professional Liability insurance.
presenter
Presenter: Mary Howard, Chief Administrative & Resident Services Officer
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Recommendation
The Chief Executive Officer (“CEO”) of the Chicago Housing Authority (“CHA”) recommends that the CHA’s Board of Commissioners (“Board”) authorize the purchase of casualty and professional liability insurance coverages for CHA’s auto and physical damage, crime, cyber, employed lawyers professional, fiduciary, general, public officials and employment practices. The combined premiums are for an aggregate not-to exceed amount of $775,748 and cover a one-year policy term of October 1, 2024 through September 30, 2025.
The requested action complies in all material respects with all applicable federal, state and local laws, and CHA policies. CHA staff has completed all necessary due diligence to support the submission of this initiative.
Funding
MTW Funds
Background
CHA renews its insurance coverage for casualty and professional liability lines of coverages annually. In determining the need for insurance coverage, CHA evaluated its existing casualty and professional liability insurance coverages and the cost effectiveness of renewal coverage options. With authorization from HUD, CHA utilizes its insurance broker of record to competitively market, solicit and bind coverage for CHA.
CHA utilized Arthur J. Gallagher to provide brokerage and insurance consulting services. At this time CHA would like to authorize Arthur J. Gallagher to bind the recommended coverage for 2024-2025 renewal of casualty and professional liability insurance.
Procurement Process
Arthur J. Gallagher is the CHA’s current broker of record for all casualty and professional insurance purchases. Insurance policies are considered a ‘supply and delivery’ product. As such, insurance premiums are not subject to compliance with MBE/WBE and Section 3 requirements, however, Arthur J. Gallagher meets or exceeds these obligations under their separate brokerage contract.
Respectfully Submitted:
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Tracey Scott
Chief Executive Officer