HomeMy WebLinkAboutResolution - 2021-R0340 - LP&L Property Insurance Coverage 9.14.21Resolution No. 2021-R0340
Item No. 7.21
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
to purchase for and on behalf of Lubbock Power and Light, the City's municipal electric
utility, property insurance coverage to include boiler and machinery with insurers as yet
to be determined, for which the premium amount shall not exceed a rate of .5557 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
ATTEST:
D'd, JK--"
Reb ca Garza, City Se et
APPROVED AS TO CONTENT:
D. Mu Kost ich, Chief Financial Officer
APPROVED AS TO FORM:
J artsell, Deputy City Attorney
RES.Risk Mgmt-LP&L Property Ins.
September 7, 2021
September 14, 2021
—Jen�= -
DANIEL M. POPE, #AYOR
9/2/2020
Lubbock•.Lubbock's
Polio Year
2020-2021
Description
Values:
Rates
Premium
Surplus Lines Tax & Fee
ProDamage including Business Intem.
$552,526,095
$0.5158
$2,850,000
$142,500
Standalone Terrorism Policy
552,526,095
0.0040
$12,000
$1.100
Loss Control Services
Services provided
by AEGIS
$15,000
to
Placement Service Fee
Services provided by
Wortham
$40 000
$0
APPA Marketing Fee
$0
$0
Loss Control Services (Premium Credit)
Carriers reimburse up to 2.5% of premium
TBD
$0
Annual Property Premium Including:
Taxes[Fees/Additional
Services/Terrorism
$3,070,600
II In Property Rate Per $100 Insured
$0.5557
MARSH I Wortham
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