15840 1 RESOLUTION NO. 15,840
2
3 A RESOLUTION TO AUTHORIZE THE CITY MANAGER TO ENTER
4 INTO A CONTRACT WITH CRUM & FORSTER, IN AN AMOUNT NOT
5 TO EXCEED ONE HUNDRED THOUSAND DOLLARS ($100,000.00), TO
6 PROVIDE CYBER LIABILITY INSURANCE FOR A ONE (1)-YEAR
7 TERM; AND FOR OTHER PURPOSES.
8
9 WHEREAS,it is necessary for the City to include Cyber Liability Insurance in its coverage portfolio;
10 and,
11 WHEREAS,the City was warned of a hardening cyber market since this coverage was first placed due
12 to increasing losses in the sector and to expect 40%or higher premium increases;and,
13 WHEREAS, last year the City sought a Five Million Dollar($5,000,000.00) limit, but was only able
14 to secure a Two Million Dollar ($2,000,000.00) limit for Forty-Seven Thousand, Four Hundred Ninety-
15 Five and 76/100 Dollars($47,495.76); and,
16 WHEREAS, the City's current Insurance Broker has taken the City's Cyber Liability Insurance
17 Program to market and was able to secure a Two Million Dollar($2,000,000.00)Cyber Liability quote from
18 Crum & Forster and continues to solicit quotes for an additional Three Million Dollars ($3,000,000.00);
19 and,
20 WHEREAS,the Broker's and City Staffs recommends binding the quote from Crum&Forster for an
21 amount not to exceed One Hundred Thousand Dollars ($100,000.00) for the term of December 10, 2022,
22 to December 10,2023.
23 NOW,THEREFORE,BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY
24 OF LITTLE ROCK,ARKANSAS:
25 Section 1. The City Manager is authorized to enter into an agreement with Crum & Foster to secure
26 Two Million Dollar($2,000,000.00) for the City's Cyber Liability Insurance coverage for a premium not
27 to exceed One Hundred Thousand Dollars($100,000.00)for the term December 10,2022,to December 10,
28 2023.
29 Section 2. Funds for this agreement are available as a 2022/2023 Budget Line Item for Cyber Liability
30 Insurance.
31 Section 4. Severability. In the event any title, section, paragraph, item, sentence, clause, phrase, or
32 word of this resolution is declared or adjudged to be invalid or unconstitutional, such declaration or
33 adjudication shall not affect the remaining portions of the resolution which shall remain in full force and
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1 effect as if the portion so declared or adjudged invalid or unconstitutional were not originally a part of the
2 resolution.
3 Section 5. Repealer. All laws, ordinances, resolutions, or parts of the same,that are inconsistent with
4 the provisions of this resolution, are hereby repealed to the extent of such inconsistency.
5 ADOPTED: December 6,2022
6 ATTE APPROVED:
7 �411
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9 S lkng • , City Clerk Frank Scott,Jr.,Mayor
10 AP= ' ' • 9 AS TO LEGAL FORM:
11
12 67"/It.01.it.....t,
13 Thomas M. Carpenter, ity Atto ey
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