HomeMy WebLinkAboutResolution - 2021-R0332 - Property Terrorism Insurance from Lloyd's of London 9.14.21Resolution No. 2021-R0332
Item No. 7.13
September 14, 2021
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 tc
purchase for and on behalf of the City of Lubbock, property terrorism insurance coverage frorr
Lloyds of London, for which the premium amount shall not exceed a rate of .0027 per $100.00:
and
THAT the City Manager may execute any routine documents and forms associated
said insurance coverage.
Passed by the City Council on September 14, 2021
DANIEL M. POPE, MAYOR
ATTEST:
Reb cca Garza, City Sec"
APPROVED AS TO CONTENT:
D. lu Kos, elich, Chief Financial Officer
APPROVED AS TO FORM:
JeYHIUsell, Deputy City Attorney
vwxcdocs/RES.Risk Mgmt-Lloyds of London
September 1, 2021
Resolution No. 2021-R0332
Terrorism — Foreign & Domestic Threats (Property)
Insurance Company: Lloyd's of London
Policy Term: 10/01/2020 to 10/01/2021
Coverage: Insurance covering loss due to acts of terrorism.
Annual Premium: $25,058.67 Estimated as worst case scenario by lead insurer.
General Terms & Conditions
1. 12-month policy period
2. 100% Lloyd's syndicate paper which is rated A by A.M. Best Financial Size Category is Class XV.
3. General Terms and Conditions TR5 P0001 CW (09-17) applies to this policy in conjunction with
the specific wording detailed in each section below.
4. Attached endorsements apply: E2007.2 - Lloyd's Syndicate (33) Endorsement, E2010.1-
Premium Payment Clause (Reinsurance), E2013.1- Service of Suit Endorsement, and E2017.1-
Policyholder Disclosure Notice of Terrorism Insurance Cover
Terrorism and Sabotage
$50,000,000 Per Occurrence
$50,000,000 Aggregate
Excess of: N/A
SPECIAL CONDITIONS / OTHER COVERAGES:
NO FLAT CANCELLATIONS
ALL FEES ARE FULLY EARNED AT INCEPTION
$25,058.67
100%
USI