Description
Title: Authorize a contract for an insurance broker of record and administrative services for Austin-Bergstrom International Airport’s rolling owner-controlled insurance program for Austin Aviation with Marsh & McLennan Companies Inc. / Marsh USA LLC / McGriff, A Marsh & McLennan Agency LLC Company, for a term of six years in an amount not to exceed $49,579,000. Funding: $4,131,583 is available in the Capital Budget of Austin Aviation. Funding for the remaining contract term is contingent upon available funding in future budgets.
Summary
The City of Austin is considering a six-year contract with Marsh & McLennan Companies Inc. for insurance broker services related to the Austin-Bergstrom International Airport’s rolling owner-controlled insurance program (ROCIP AUS). This contract, not exceeding $49,579,000, aims to streamline insurance coverage for contractors involved in upcoming construction projects valued at approximately $3.3 billion. By providing centralized insurance, the program seeks to enhance contractor equity, eliminate barriers, and achieve an estimated $24 million in cost savings. The proposal follows a competitive bidding process and received approval from the Airport Advisory Commission. Securing this contract is crucial to avoid delays in construction projects due to insurance coverage issues.