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RESOLUTION APPROVING STOP LOSS INSURANCE COVERAGE POLICY WITH BERKLEY ACCIDENT & HEALTH FOR CALENDAR YEAR 2025 FOR THE COUNTY OF PASSAIC, PURSUANT TO N.J.S.A. 40A:11-5(m)
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WHEREAS, the County of Passaic (hereafter “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 (hereafter “Board”) is vested with managing the property, finances, and affairs of the County; and
WHEREAS, pursuant to N.J.S.A. 40A:11-5(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 March 26, 2024, the Board approved Resolution No. R-24-242, retaining Foundation Risk Partners, Corp. d/b/a Fairview Insurance Agency Associates (hereafter “Fairview”) for insurance consulting services, who serves as the insurance broker for the County; and
WHEREAS, Fairview solicited quotes from qualified insurance companies and is recommending Berkley Accident & Health (see attached letter) for stop loss insurance coverage for the County for a premium amount of two million five hundred forty-eight thousand seven hundred and forty-two dollars ($2,548,742.00) for a one-year term, beginning January 1, 2025 and expiring December 31, 2025; 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, funds are available in Account No. 5-01-20-120-001-213, 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 2025 and/or subsequent years’ County budget(s), which is attached to and made part of this Resolution; and
WHEREAS, this matter was discussed at the November 7, 2024 Insurance Commission meeting and is being recommended to the Board approval; and
NOW, THEREFORE, LET IT BE RESOLVED pursuant to N.J.S.A. 40A:11-5(m), the Board of County Commissioners of the County of Passaic authorizes the purchase of stop loss insurance coverage from Berkley Accident & Health for a premium amount of two million five hundred forty-eight thousand seven hundred and forty-two dollars ($2,548,742.00) for a one-year term, beginning January 1, 2025 and expiring December 31, 2025.
LET IT BE FURTHER RESOLVED, that the Clerk to the Board shall print, in the official newspaper, a brief notice stating the nature, duration, service, and amount of the contract to Berkley Accident & Health, 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 to the Board, Chief Financial Officer, County Administrator, and County Counsel are authorized to take any steps necessary to carry out the purpose of this Resolution, including executing a contract with Berkley Accident & Health.
NB November 18, 2024