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A Resolution Approving a Professional Services Agreement with Brown & Brown Insurance Services, Inc. for Employee Benefits and Insurance Services for a Three-Year Period in an Amount Not to Exceed $37,800 in the First Year, $41,600 in the Second Year, and $43,600 in the Third Year and Authorizing its Execution
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Introduction
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Brown & Brown Insurance Services, Inc. has been selected to provide insurance brokerage services for a three-year term, commencing January 1, 2026, with the option to renew for two (2) additional one-year terms through December 31, 2030. In 2022, Brown & Brown acquired Vista National Insurance Group, whom the Village had contracted with for health insurance brokerage services since 2015.
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Recommended Action
Adopt the Resolution.
Prior Board Action
The Board has taken the following prior action(s):
* On September 20, 2021, the Board approved a 3-year professional services agreement from January 1, 2022, through December 31, 2025, with Vista National to provide Employee Benefit and Insurance Brokerage Services.
* On February 1, 2021, the Board approved the 1-year renewal of a professional services agreement with Vista National to provide Employee Benefit and Insurance Brokerage Services through December 31, 2021.
* On September 3, 2019, the Board approved a 1-year renewal of a professional services agreement with Vista National to provide Employee Benefit and Insurance Brokerage Services through December 31, 2020.
* On July 6, 2015, the Board approved a 2-year professional services agreement with Vista National Insurance Group for a two-year term and the option to renew through December 31, 2018.
Background
The Village has historically provided health insurance to employees via a self-funded or self-insured health insurance fund and used a third-party benefits broker to manage the complexity of providing employee health benefits, ensure subject matter expertise and market knowledge, p...
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