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RESOLUTION APPROVING A PROPERTY AND BOILER & MACHINERY INSURANCE COVERAGE POLICY FROM THE TRAVELERS INDEMNITY COMPANY FOR THE COUNTY OF PASSAIC FOR CALENDAR YEAR 2026, 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, the Board approved Resolution No. R-24-242 on March 26, 2024, retaining Foundation Risk Partners, Corp. d/b/a Fairview Insurance Agency Associates (“Fairview”) for insurance consulting services, as well as serving as the insurance broker for the County and remitting payment to insurance agencies for insurance coverage purchased by the County; and
WHEREAS, Travelers Indemnity Company provided a quote for property and boiler & machinery insurance coverage for the County for a premium amount of seven hundred eighty-four thousand eight hundred and forty-eight dollars ($784,848.00) for the period beginning January 1, 2026 and expiring January 1, 2027, which is being recommended for approval by Fairview after solicitation of competitive quotes; 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. 6-01-20-120-005-I01 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 2026 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 26, 2025 Insurance Commission meeting and is being recommended to the Board approval.
NOW, THEREFORE, LET IT BE RESOLVED pursuant to N.J.S.A. 40A:11-5(m) that the Board of County Commissioners of the County of Passaic authorizes the purchase of property and boiler & machinery insurance from Travelers Indemnity Company for a premium amount of seven hundred eighty-four thousand eight hundred and forty-eight dollars ($784,848.00) for the period beginning January 1, 2026 and expiring January 1, 2027.
LET IT BE FURTHER RESOLVED that the Chief Financial Officer is authorized to remit payment to Foundation Risk Partners, Corp. d/b/a Fairview Insurance Agency Associates to remit payment to Travelers Indemnity Company for the insurance coverage being purchased herein for the County.
LET IT BE FURTHER RESOLVED 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 Travelers Indemnity Company and maintain a copy of the 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, Chief Financial Officer, County Administrator, and County Counsel are authorized to take any other steps necessary to carry out the purpose of this resolution.
NB December 9, 2025