16.04.030 Procurement of insurance and services.
A. The procurement of all insurance, insurance-related contracts, employee benefits, services and products necessary to administer the self-insurance program for the Borough shall be coordinated through the Risk Manager.
B. Insurance with limits equal to the maximum foreseeable loss shall be purchased:
1. When the potential loss exposure exceeds the retention level previously stated; and
2. When such insurance is available on a fiscally sound basis.
C. Insurance and related services including services to manage employee benefits and self-insured programs shall be purchased from any source determined to be in the best interests of the Borough.
D. The objective will be to obtain any required insurance or service at the lowest cost to the Borough consistent with the most desirable required level of service, in companies of adequate financial status, expertise and service potential.
E. Procurement methodology shall be at the discretion of the Risk Manager, and shall include, but not be limited to, open competitive bidding, request for proposals, negotiation with brokers or companies, or designation of a broker-of-record to purchase coverage or service.
F. The maximum terms shall be:
1. Three years for property and casualty insurance;
2. Continuous for fidelity bonds;
3. Continuous for employee benefit programs and plans, subject to the normal right of the insured to cancel at any time with 30-day written notice. (Ord. 2012-08 § 2, 2012; Ord. 78-32 § 2, 1978. 2004 Code § 2.05.050.)