(1) Property, casualty, and liability insurance shall be purchased by the City Manager through a licensed insurance agent designated by the City Manager as "agent of record." Among the services to be provided by such agent is the securing of competitive proposals from insurance carriers for all coverages for which the agent of record is given responsibility. Actual selection of insurance carriers and policies shall remain subject to the discretionary approval of the City Manager.

(2) Prior to the selection of an agent of record, the City Manager shall publish a notice in a newspaper of general circulation in the City generally describing the nature of the insurance the City will require and requesting proposals from licensed insurance agents who wish to be appointed agent of record.

(3) In selecting an agent of record, the City Manager shall select the agent(s) most likely to perform the most cost effective services. In determining which proposal is the most cost effective, the City Manager shall consider service, coverage and cost. Proposals for agent of record designation shall be referred to a screening committee appointed by the City Manager and consisting of at least two members of their staff and at least one outside expert in the field of public entity insurance who are not officers or employees of the City. The screening committee shall examine the proposals and make a recommendation to the City Manager as to the relative merit of the proposals submitted.

(4) Any appointment period shall not exceed three years. Agents may serve more than one appointment period. Upon expiration of an appointment period, the agent may be reappointed at the discretion of the Manager without requesting proposals from other agents.

(5) Employee benefit insurance and workers compensation coverage and other types of insurance not specified herein, may be purchased through an agent of record selected in the manner provided herein, or the City Manager may purchase specific insurance contracts from any agent or insurance carrier.

(6) The dollar amount limits of Section 2.503(2) shall not apply to purchase of insurance under authority granted herein.