AGREEMENT TO PROVIDE ACTUARIAL SERVICESAGREEMENT
THIS AGREEMENT, made and entered into this 5th day of October ,
2009, by and between the CITY OF CLEARWATER, FLORIDA, a municipal corporation,
hereinafter referred to as "City", and AMI Risk Consultants, Inc., an actuarial consulting
Firm, located at 11410 N. Kendall Drive, Miami, Florida, hereinafter referred to as
"Contractor";
WITNESSETH
WHEREAS, the City maintains a self-insurance program and is desirous of having
an actuarial analysis performed on all of its liability accruals, and
WHEREAS, the Contractor is in the business providing actuarial services, is fully
qualified to meet their requirements of applicable City, State, and Federal law, and desires to
perform the necessary services;
NOW, THEREFORE, the parties agree as follows:
1. This agreement relates specifically to the City's fiscal years ending September
30, 2009 thru 2011. This agreement may be terminated by the City with written notice by
August 31 of each year,
2 The Contractor shall perform an actuarial analysis of the City's general,
automobile, property, and Workers Compensation liability accruals, currently accounted for
as a part of the City's self insurance fund, and provide the City with a written report of its
analysis on an annual basis. The analysis will include, but not necessarily be limited to, a
computation of the "IBNR" (incurred but not reported) liabilities as of the September 30
fiscal year-end. The Contractor will include in the annual report all disclosures necessary to
comply with GASB Statement Number 10.
3. Following the completion of the actuarial review, the Contractor shall issue a
report (six bound copies and one electronic) which summarizes the findings of the actuarial
analysis of the Central Insurance Fund.
4. The Contractor shall retain all working papers for a minimum of five (5)
years, unless notified in writing by the City of the need to extend the retention period. The
Contractor shall make working papers available, upon request, to the following parties or
their designees:
? City of Clearwater
City's external auditors
5. The Contractor shall prepare and submit to the City no later than October 19th
of each fiscal year, a detailed schedule of the list of documents needed from the City
including the related date required. The City will provide the requested information by the
date required. The Contractor shall complete performance under this contract by December
15th of each fiscal year.
6. The Contractor shall bill the City and the City shall pay the Contractor for the
performance of the services under this contract on the basis of the Contractor's normal and
customary charges for such services, plus travel and ordinary out-of-pocket expenses. The
total amount of this contract, including travel and other out-of-pocket expenses, shall not
exceed $4,800, $5,000, and $5,300 for fiscal years 2009, 2010, and 2011, respectively. The
City may, by amendment of this agreement, increase these maximum fees and/or extend the
completion date upon the Contractor's showing evidence of conditions which require
substantially more time than would generally be required to perform the prescribed services.
Progress payments will be made on a monthly basis for work completed to-date based on
invoices submitted by the Contractor. The sum of such progress payments shall not exceed
90% of the maximum specified above. The final payment will be made within 30 days of
receipt of the final actuarial reports.
IN WITNESS WHEREOF, the parties hereto have caused this agreement to be
executed the day and year first above written.
CITY OF CLEARWATER, FLORIDA
By:•[.C.C.ca.w?. P.
William B. Horne, II
City Manager
Approved as to form: Attest:
Paul Richard Hull
Assistant City Attorney
By:
Aguedo M. In , President
AMI RISK CONSULTANTS, INC.