City of Hackensack Council Meeting Agenda May 5 2026
Otterstedt Wins Hackensack Risk Management Consultant Contract
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Description
Hackensack City Council awarded a one-year Risk Management Consultant agreement to Otterstedt Insurance Agency, Inc. after evaluating proposals from Otterstedt and Risk Strategies. The firm will be paid 6% of the City’s annual insurance fund assessment plus standard commissions for coverages placed outside the fund.
Contract Details
Contract Amount
6% of the City’s annual assessment as promulgated by the insurance fund
Vendor
OTTERSTEDT INSURANCE AGENCY INC
Agency
City of Hackensack, NJ
Contract Type
INSURANCE
Document Date
May 5, 2026
Contract Term
One (1) year from execution; terminable on 30 days’ written notice
Renewal Date
2027-05-05
Renewal Info
Initial engagement is for one year with either party able to terminate on 30 days’ notice; future renewals or extensions would require additional Council action.
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