HomeMy WebLinkAboutResolution - 2022-R0035 - LP&L Property Insurance for boiler and machineryResolution No. 2022-R0035
Item No. 7.9
January 25, 2022
RESOLUTION
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
THAT the actions of the City Manager of the City of Lubbock in purchasing for
and on behalf of Lubbock Power and Light, the City's municipal utility, property
insurance coverage to include boiler and machinery, is hereby ratified. The subject
insurers are AIG, Argenta, Munich RE, Travelers, Amlin, Guide One, Kiln/Faraday,
ARK, Aspen, Alcor, and Chubb as listed in the attachment along with the terms and
conditions and said attachment is incorporated hereto as if fully set forth herein; and
THAT the City Manager may execute any routine documents and forms
associated with said insurance coverage.
Passed by the City Council this
ATTEST:
Reb cca Garza, City Secret ry
APPROVED AS TO CONTENT:
r
D. i3 17
stelic , Chief ' an ' Officer
APPROVED AS TO FORM:
- -a / 1-��4
f Ih6ell, Deputy City Attorney
RES.Risk Mgmt-Ratify-LP&L Property Ins.
January 19, 2022
January 25, 2022
DANIEL M. POPE, MAYOR
I "t"I tut a
Lubbock Power & Light,
Policy Year
the City of Lubbock's
municipally
owned
20212022
electric
utility
Description
Values:
Rates
Premium
Surplus Lines Tax & Fee
Property Damage including Business Interruption
$558.729,452
$0.5536
$3.092,969
$100,861
Standalone Terrorism Policy
$W9,729A52
$0.0036
$20.250
5882
Loss Control Services
Services
provided by AIG
$42 500
$0
Placement Service Fee
Services provided by Wortham
$40,000
$0
APPA Marketing Fee
Annual Property Premium Including:
iaxeslFees/Additional Services[Terrorlsm
-
$0
$0
$3,277,561
Ali In Property Rate Per $100 Insured
$0.5866
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