Title
Approval - Public Entity Risk Management And Loss Control Consulting Services
History
On February 21, 2020, staff issued a request for proposals for a consultant to perform a comprehensive evaluation of the Village’s risk management program and a cost-effective plan assisting the Village in development and implementation of a best practice public sector risk management program. The objective is to enhance the Village’s current risk management structure with the end goal of reducing the Village’s overall cost of risk.
Six vendors were sent courtesy emails directly inviting them to participate; nineteen (19) vendors downloaded the RFP from BidNet Direct. Proposals were due March 16, 2020. Insurance Program Managers Group (IPMG) and Titan Safety Management, Inc./ LT Contractual Risk Solutions, Inc. submitted proposals. IPMG submitted an incomplete Pricing Guide (only included pages 2 & 3 of the 3-page Pricing Guide). IPMG cost per hour averages $151.67/hour, where Titan/LT is $125.00/hour.
Titan/LT specializes in implementing ground floor comprehensive risk management and safety solutions for local municipalities. The company has provided similar services to over seventy (70) local municipalities.
Financial Impact
An FY2020 budget adjustment to the Insurance Fund is required.
Recommended Action/Motion
I move to approve a budget adjustment to the Insurance Fund in the amount of $67,500;
And,
I move to approve retaining the services of Titan Safety Management, Inc./ LT Contractual Risk Solutions, Inc. for a period of three (3) years in the not to exceed annual amount of $67,500, with the option to renew for an additional three (3) years.