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Home My WebLink AboutResolution - 2011-R0363 - Purchase Property Insurance Coverage - Texas Municipal League - 08/25/2011Resolution No. 2011—RO363 August 25, 2011 Item No. 5.5 RESOLUTION BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK: 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, property insurance coverage from Texas Municipal League (TML), for a premium amount not to exceed a rate of .0508 per $100.00; and THAT the City Manager may execute any routine documents and forms associated with said insurance coverage. Passed by the City Council this August 25, 2011 !:� A�L TOM MARTIN, MAYOR ATTEST: - D'�� C--� Rebe ca Garza, City Secretary (—) APPROVED TO CONTENT: Leisa Hutcheson, Director of Risk Management APPROVED AS TO FORM: Chad Weaver, Assistant City Attorney vw: ccdocs/RES. Risk Mgmt-Texas Municipal League August 9, 2011 Resolution No. 2011—RO363 Wells Fargo Insurance Services tum INSURANCE AGENCY PROPERTY Insurance Company Texas Municipal League - TML Named Insured: City of Lubbock Mailing Address: P.O. Box 2000 Lubbock, TX 79457 Effective Date: 10-01-11 to 10-01-12 Locations: Statement of Values attached COVERAGE Limits of Insurance: $ 400,000,000 Blanket Building & BPP $ 894,090,360 Total Insurance Values $ 789,760,818 • Property $ 59,013,732 • FIeet $ 25,749,760 • Equipment $ 10,942,050 • Citibus $ 1,624,000 . LP&L Transformers Deductibles *Please refer to coverage comparison spreadsheet Additional Coverages *Please refer to coverage comparison spreadsheet Iit Mm ; 1011[00,•�16[f]0K LIA Horton Old Boiler Bldg, 5413 N. Walnut LIA Horton Propeller Shop, 5411 N. Walnut LIA Light Shed, N. Zenith & Independent LIA S&H Metal Works, 2200 E. Dubuque Warehouse bldg #720, 5412 N. Walnut Avenue ;- LIA Hangar (E. District far N) 6219 N. Walnut QUOTATIONS $454,182 TML $475,000 - Chartis (Plus Taxes and Fees) $894,090 - Allianz This information is intended to be reviewed by the representatives for the entity and no other parties. Review by persons other than the entity's representatives is prohibited. Likewise, dissemination or copying of this document or the information contained herein to persons other than the entity's representative is also prohibited. Wells Fargo Insurance Services od INSURANCE AGENCY Limits and Coverages Allianz TML Loss Limit 400,000,000 400,000,000 Blanket, Agreed Amount, No Co - Insurance Yes Yes Deductibles: Property 250,000 250,000 Flood 250,000 250,000 Earthquake 250,000 250,000 Named Storm 250,000 250,000 6 Designated Locations (leased) 50,000 50,000 Property Values: 894,090,360 894,090,360 Buildings and Contents 789,760,818 789,760,818 Transformers 8,624,000 8,624,000 Citibus 10,942,050 10,942,050 Fleet 59,013,732 59,013,732 Equipment 25,749,760 25,749,760 Flood: High Hazard (Zones A, V, B, X) 10,000,000 25,000,000 All Other Zones except: 25,000,000 Included Earthquake 25,000,000 Incl, w/Flood Transportation 250,000 1,000,000 Named Storm Loss Limit Loss Limit Accounts Receivable 5,000,000 5,000,000 Automatic/Newly Acquired - 90 Days 5,000,000 1,000,000 Boiler & Machinery Excluded Excluded Brands and Labels 5,000,000 Loss Limit Consequential Reduction in Values Included Loss Limit Control of Damaged Property 1,000,000 Loss Limit Loss Limit (if Course Of Construction (COC) 5,000,000 reported) COC Testing 5,000,000 Included COC Time Element Not Covered Included in EE Debris Removal 10,000,000 Included $20,000 each Decontamination Costs 100,000 Agg premise Defense Cost 100,000 Unlimited Demolition and Increase Cost of Construction (ICC) 10,000,000 Loss Limit This information is intended to be reviewed by the representatives for the entity and no other parties. Review by persons other than the entity's representatives is prohibited. Likewise, dissemination or copying of this document or the information contained herein to persons other than the entity's representative is also prohibited. Wells Fargo Insurance Services nrld aati. INSURANCE AGENCY Unintentional E&O 5,000,000 Loss Limit Exhibits, Expositions, Fairs & Trade Shows 5,000,000 Loss Limit Fire Dept. Surcharge 250,000 Included Leasehold Interest- 365 days max 5,000,000 5,000,000 Misc. Unnamed Locations 2,500,000 Loss Limit Service Interruption 2,500,000 Loss Limit Tax Treatment of Profits 5,000,000 Included in EE Valuable Papers 5,000,000 5,000,000 Extra Expense 5,000,000 5,000,000 Rental Insurance 5,000,000 Included in EE Ingress/Egress - 30 Days 5,000,000 Included Order of Civil Authority - 30 Days/1 Included - 2 mile 5,000,000 Weeks Impounded Water Included Loss Limit *TRIA .300,000,000 25,000,000 COVERAGE DEFINITIONS Buildings - Real Property is covered on an "All Risk" Replacement Cost basis subject to standard conditions and exclusions contained in the policy such as but not limited to war, nuclear contamination, earthquake, flood, settling and cracking foundations, and damage by insects, etc. Personal Property - Business Personal Property is covered on an "All Risk" Replacement Cost basis subject to standard conditions and exclusions such as but not limited to war, nuclear contamination, earthquake, flood, wear and tear, and conversion. Rates: Texas Municipal League As quoted -.0508 With $100,000,000 TRIA -.0510 With $200,000,000 TRIA - .0513 This information is intended to be reviewed by the representatives for the entity and no other parties. Review by persons other than the entity's representatives is prohibited. Likewise, dissemination or copying of this document or the information contained herein to persons other than the entity's representative is also prohibited.