INSURANCEAPPROVED

City of Hackensack Council Meeting Agenda May 5 2026

Hackensack Awards Risk Management Contract to Otterstedt

6% of the City’s annual assessment as promulgated by the Fund; standard brokerage commissions on any coverages placed outside the FundCity of HackensackOTTERSTEDT INSURANCE AGENCY INCMay 5, 2026

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Description

The City of Hackensack awarded a one-year Risk Management Consultant agreement to Otterstedt Insurance Agency, Inc., compensating the firm at 6% of the City's annual insurance fund assessment plus standard commissions on outside coverages. Otterstedt will advise on property and casualty exposures, insurance placements, budgeting, and loss control.

Contract Details

Contract Amount

6% of the City’s annual assessment as promulgated by the Fund; standard brokerage commissions on any coverages placed outside the Fund

Vendor

OTTERSTEDT INSURANCE AGENCY INC

Agency

City of Hackensack, NJ

Contract Type

INSURANCE

Document Date

May 5, 2026

Contract Term

One (1) year term beginning upon execution; terminable by either party with 30 days’ written notice

Renewal Info

Agreement term is one year with the ability for either party to terminate on 30 days’ written notice; future renewals would require subsequent council action.

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