The URL can be used to link to this page

Home My WebLink AboutResolution - 2024-R0124 - Boiler And Machinery Insurance, Liberty Mutual Insurance - 03/26/2024Resolution No. 2024-R0124 Item No. 5.11 March 26, 2024 RESOLUTION BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK: Passed by the City Council on March 26, 2024 THAT the City Manager of the City of Lubbock is hereby authorized and directed to purchase for and on behalf of the City of Lubbock, boiler and machinery insurance coverage from Liberty Mutual Insurance Company for which the premium amount shall not exceed a rate of 0.0036 per $100.00; and THAT the City Manager may execute any routine documents and forms associated with said insurance coverage. Al'PROVED AS TO CONTENT: D. u Ko elich, Chief Financial Officer ��i�:Z�ii/�7i7:T.311L�fOT�T:ira �a s, epu y City Attorney vw:ccdocslRES.Risk Mgmt-Liberty Mutual [Boiler] March 14, 2024 �.,vui�ii�:y i ac., �.,i�y .��,i��aiy Resolution No. 2024-R0124 Boiler & Machinery / Equipment Breakdown InsuranCe Company: Liberty Mutual Insurance Company Policy Term: 04/01/2024 to 04/01/2025 Coverage: Provides coverage to various equipment types for the costly physical and financial damage resulting from mechanical breakdown, electrical arcing, artificially generated electrical currents, bulging, cracking, or collapse of pressure vessels. Annual Premium: $33,674.00 Including Taxes & Fees (0.00356 Rate) Covered Premises: Thls proposal applies to the Iocations Usted in the Statement of Vatues on file with us. Insurance applies only to a coverage for whlch a Limlt of Insurance, a number of DayslHours or the word INCLUDED Is shown. It tNCLUDED is shown, then ttie timtt tor that covera e is art of the Llrnit Per Breakdown. Coverage tlmlt Of Insurance Or DaVs/Hours Llmlt Per Breakdown 1. Property Damage 2. Expedlting Expenses 3. Buslness Income a. Extra Expense b. Extended Pertod Oi Restoration Of Days Oi 4. Spollage Damage 5. Utlllty Interruptlon (The maximum Ilmlt for Utllity Interruption, subJect to any applicable lower coverage limtts, including business income, extra expense, and/or spoilaqe, respectively� 6. a. nly if the interruptfon of sernces lasts at least: Premises a. (Number Of Days Of Co�erage) T. Ordlnance or Law 8. Errors And Omisslona 9. Brands And Labels 10. Contingent Buslness IncomelExtra Exp� a. Covered Premises: b. Dellvery oi Services or Materlals; or Sales: Included 000 Included Combined wlth Business Income 365 Days $1,000,000 $5,000,000 $5,000,000 24 Hours $5,OOO,Q00 120 Days $5,000,000 Included Included $5,Q00,000 All Direct Suppliers and All Servlces 8 Materials Unless a higher Ilmrt or INCLUDED is shown, the most we will pay Tor d�rect damage to cove�+ed property is $25.000 to� each of the following. These Qmits are part of, not in addition to, the Property Damage or Um�t Per Breakdown. Coverage Llmltatlons Umlt Ot Insurance Ammonia Contamination $250,000 Conse uentlal Loss $250,000 Data And Medla $1,0OO,OQO Hazardous Substance $5,000,000 Water Dama e $5,000,000 This proposal is merely a descriptive summary of coverage provided by the insurance companies being proposed and should be used for reference purposes only; it is not a binder and does not amend or alter the insurance contract. Please refer to the policy contract for specific terms, conditions, limitations, and exclusions. Proposal date: 03/12/2024 Prepared for City of Lubbock � Confidential. OO 2021 USI Insurence Services. All rights reserved. e� 31 Limited Covera e tor Fun us, Wet Rot and D Rot Llmit $250,000 Business Income andlor Extra Ex nse — Number oi Da s 30 �ays Increased Cost ot Loss and Related Ex nses for "Green" U rades Pro Dama e Llmit $250,000 Buslness Income andlor Extra Ex nse — Number oT Da 3o Days Conditions Md O onal Covera es Business Income Re rt Date Buslness Income Annual Vatue Business Income Colnsurance Percenta Waived Dia nosUc E ul ment InGuded Or Excluded Included Equlpment Breakdown Enhancement Endorsement (See attached Included torm far Tull detatls) — Key enhancements inctude: - Civll Authority extenslon within 100 mlles/4 weeks - IngresslEgress - E250,000 subllmlt - Cialm P�eparatlon Fees - 5250,000 subllmit - Dependent Locatlon extenslon for Contlngent BIlEE - 150% re lacement cost for Sate Im rovements Deductibles Combined Deductlble $25,000 Pro Dama e Covera es Included In Combined Oeducdble Business Income Included in Combined Deductlble Extra Ex ense Included in Combined Deductlble S Ila e Included in Combined DeducUble Other' Premium ! Agency Billed Policy Term Premlum $33,674 State Fees and 3u�charges $0• Total Policy Term Premlum with State Fees and Surcharges 533,674 'Texes are esiimafed and sub�ecf to d�enge at time of pa6cy produdron due to a che�e m tex ra!es a bcation edd�tioNdefetions m ddterenl fax iertitones TN as Submltted: $944,832,602 Excluded coverage or other coverages sought may be available: please discuss with USI Other exclusions and policy limitations may apply. Please refer to the actual policies for specific terms, conditions, limitations, exclusions, and sub-limits that will govern in the event of a loss. This proposal is merely a descriptive summary of coverage provided by the insurance companies being proposed and should be used for reference purposes only; it is not a binder and does not amend or alter the insurance contract. Please refer to the policy contrect for specific terms, conditions, limitations, and exclusions. Proposal date: 03/12/2024 Prepared for City of Lubbock � Confidential. O 2021 USI Insurance Services. All rights reserved. a � 32 Other Condltlons/Additlonal Coverage ExtenslonslRestrlctlons: PowerPro SelectT"" EQUIPMENT BREAKDOWN Lilierty Mutu�.l INSURANCE INSURANCE PROPOSAL E'OI.ICI'HULD�It DISCLUSUIiF NOTICE OF OFFER TO PURCHASE TERRORIS1i 11SUR1!�CE FOR POL[Cl' PERIOD Thls oottce contalns important laforn�atlon about tde Terrorlsm itlsk lnsurance Act and yaur optloa to purc6Ase terrorlsm Insuraace rn�erage. Ptcase rend tt carciuU�. ln accordance with the Terrorism Risk Insurance Act, including all amendments ('TR1A" or the "�ct"), we are reyuired to provide yPU with a notice of the portion of your premium attrihut�ble to co��erage for 'certified acts of terrorism," the federal share of payment of losses from such acts, and the limitation or ' cap" on our tiability under the Act. Disclosure of Prnmium The Company has made available co��erage for "certified acts of terrorism" as �efined in the Act. I( purchased, the portion of your premium attributable to coverage for "tertified acts of terrorism" is shown in the Terrorism Coverage Election Form following this Pnlicyholder Disclosure Noticr. THE TERRORISM RISK INSURANCE ACT The Terrorism Risk lnsuran��e Act, including all amendments ('TR[A" or the "Act'� establishes a program to spread the risk of catastrophic losses from certain acts of terrorism lxhveen insurers and the federal go��emment. lf an indivi.ival insurer's losses from a,"crrtified act of terrorism" exceed a specified deducHble amount, the go��ernment tvill reimburse thc insurer for a pee+centage of tosses (the "Federal Share"� paid in excess of the deductible, but only if aggregate industr}� tosses from such an act exceed the "Program Trigger". An insurer that has met its insurer deductiblr is not liable for any �+ortion of losses in excess of 5100 billion pe� year. Similarly, the federal government is not liable for any losses co�•ered h}• the Act that exceed this amount. [f a�regate insured losses eacceed $l00 billion, losses up to that amount may be pro-rated, as determine.i by the Secre4lry of the Tmasurv. Beginning in calendar year 2020, the Federat Share equals 80"u and the Program Trigger is $200,000,000. MANDATORY OFFER OF COVERAGE FOR "CERTIFIED ACTS OF TERRORISM" AND DISCLOSURE �F PREMIUM TRIA requires insurers to make coverage available for any loss that occurs tivithin the Un�ted States (or outside of the U.S. in the case of U.S. missions �nd certain air carriers and vessels), results From a"certified act of terrorism" AND thnt is otherwise covered under vour policy. A"certified act of terrorism" means: �Ajn� act that is certified by the Secretary [of khe Treasuryj, i►� cunsultaHon �vith the Secretary uf Homeland Security, and the Attorney General of the Uniteci States (i) to be an act of terrorism; (ii) to be a violent act or an act that is dangerous to - This proposal is merely a descriptive summary of coverage provided by the insurance companies being proposed and should be used for reference purposes only; it is not a binder and does not amend or alter the insurance contract. Please refer to the policy contract for specific terms, conditions, limitations, and exclusions. Proposal date: 03/12/2024 Prepared for City of Lubbock Confidential. O 2021 USI Insurance Services. All rights reserved. � I 33 PowerPro SelectT"" EQUIPMENT BREA�tD4WN INSURANCE PROPOSAL ([) human life; (II) pro�erty; or (IIl) infrastructure; LibErty Mutual INSURANCE (iii} to have resulted in damage within the United 5tates, or out�ide of the Unite�i States in the case of - (I) an air carrier (as defined in section 40102 of title 49, United States Code) or United Statrs flag aessel (or a vessel based principally in the United States, on which United States income tax is paid and whose insurance coverage is subjert to re�ulation in the United States); ur ([I) the premises of a Unite�i States miscion; and (iv) tu have been committed b�• an individual or individuals as part of an effort to ccerce the civilian poFulation of the United States or to influence the policy or affect the conduct of the United States Co��ernment by coercion. How the act affects your pollcy and what You must do TERRORISM INSURANCE COVERAGE This proposal includes coverage tor losses resultlng Trom "certifled acts of terrorism ' Coverage for losses from "certified acts of tetrorlsm" Is still subJect to, and may be Iimited by, all other terms, condittons and exGusions contafned In your policy. The premtum charge tor this coverage for this poUcy period is $0. Please sign and �etum the Policyholder Acknowtedgement below. POUCYHOLDER ACKNOWLEDGEMENT I hereby acknowledge that I have received nolice of TRIA, the federal share of compensation for "cerlified acts of tenonsm," the premlum charge for losses covered by TRIA, and the Company's Ilmit of Ilability should losses covered by TRIA exceed $100 blllion. Policyholder/Applicant Signature Date P�int Name The surremary oi the Act and the eoverage under your pollcy contalned In thls notlee is neeessarity general In nature. Your poilcy contalns speclflc terms, deflnitlons, excluslons and condltlons. In case of any confllct, your policy language wlli control the resolution of all coverage questlons. Plsase read your pollcy careTully. This proposal is merely a descriptive summary of coverage provided by the insurance companies being proposed and should be used for reference purposes only; it is not a binder and does not amend or alter the insurance contract. Please refer to the policy contract for specific terms, conditions, limitations, and exclusions. Proposal date: 03/12/2024 Prepared for City of Lubbock � Confidential. OO 2021 USI Insurence Services. All rights reserved. v � 34