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RESOLUTION AUTHORIZING AN EXCESS LIABILITY INSURANCE COVERAGE POLICY WITH GEMINI INSURANCE CO. AND MUNICH REINSURANCE CO. FOR THE COUNTY OF PASSAIC, PURSUANT TO N.J.S.A. 40A:11-5(1) (m)
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WHEREAS, the County of Passaic (“County”) is a body politic and corporate pursuant to N.J.S.A. 40:18-1 and vested with all rights contained therein; and
WHEREAS, pursuant to N.J.S.A. 40:20-1, the Board of County Commissioners of the County of Passaic (“Board”) is vested with managing the property, finances, and affairs of the County; and
WHEREAS, pursuant to N.J.S.A. 40A:11-5(1)(m), any contract the amount of which exceeds the bid threshold may be negotiated and awarded by the Board without public advertising of bids and bidding thereof, if it is for insurance, including the purchase of insurance coverage and consultant services; and
WHEREAS, on October 10, 2023, the Board approved Resolution No. R-23-0933, exercising the third one-year option with Acrisure d/b/a Bergen Risk Managers, Inc. (“Bergen Risk”) under RFP-20-033, for third party administration of general liability and workers’ compensation claims from January 1, 2024 to December 31, 2024; and
WHEREAS, Bergen Risk solicited quotes for the purchase of excess liability insurance coverage for the County, as outlined in the August 28, 2024 letter to the Insurance Commission, which is attached hereto and made part of this Resolution; and
WHEREAS, Bergen Risk is recommending that the County purchase excess liability insurance policies from Gemini Insurance Co. for a premium amount not to exceed seven hundred sixty-four thousand three hundred and fifty dollars ($764,350.00) and from Munich Reinsurance Co. for a premium amount not to exceed five hundred thirty-nine thousand nine hundred dollars ($539,900.00), as outlined in the August 28, 2024 letter; and
WHEREAS, pursuant to N.J.S.A. 19:34-32, no insurance corporation or association doing business in this state shall, directly or indirectly, pay or use, or offer, consent or agree to pay or use, any money or property for or in aid of any political party, committee, organization or corporation, or for or in aid of any candidate for political office, or for nomination for such office, or for any political purpose whatsoever, or for the reimbursement or indemnification of any person for money or property so used; and
WHEREAS, pursuant to N.J.S.A. 52:32-60.1, et seq., Gemini Insurance Co. and Munich Reinsurance Co. executed the Non-Involvement in Prohibited Activities in Russia or Belarus Certification, certifying the vendors are not involved in prohibited activities in Russia and Belarus, and the County confirmed the vendors are not identified on the Specially Designated Nationals and Blocked Persons list created by the Office of Foreign Assets Control; and
WHEREAS, funds are available in Account No. T-19-56-850-000-801, or any other account that may be deemed appropriate by the Chief Financial Officer or his designee, and the availability of funds has been contingently certified by the Chief Financial Officer subject to sufficient funds being appropriated by the Board in the 2024 and/or subsequent County budget(s), which is attached hereto and made part of this Resolution; and
WHEREAS, this matter was discussed by the Insurance Commission, and is being recommended to the Board for approval; and
NOW, THEREFORE, LET IT BE RESOLVED, pursuant to N.J.S.A. 40A:11-5(1)(m), the Board of County Commissioners of the County of Passaic authorizes the purchase of excess liability insurance coverage from Gemini Insurance Co. for a premium amount not to exceed seven hundred sixty-four thousand three hundred and fifty dollars ($764,350.00) and from Munich Reinsurance Co. for a premium amount not to exceed five hundred thirty-nine thousand nine hundred dollars ($539,900.00).
LET IT BE FURTHER RESOLVED, that the Chief Financial Officer is authorized to remit payment to Bergen Risk Managers, Inc., which in turn will remit payment to Gemini Insurance Co. and Munich Reinsurance Co. for the excess liability insurance coverage purchased herein.
LET IT BE FURTHER RESOLVED, that the Clerk of the Board shall print, in the official newspaper, a brief notice stating the nature, duration, service, and amount of the contract awarded to Gemini Insurance Co. and Munich Reinsurance Co., and maintain a copy of this Resolution on file and available for public inspection in the Office of the Clerk to the Board.
LET IT BE FURTHER RESOLVED, that the Clerk of the Board, County Counsel, County Administrator, Chief Financial Officer, and Director of the Board are authorized to take any action necessary to carry out the purpose of this Resolution.
SF September 10, 2024