HomeMy WebLinkAboutResolution - 2012-R0341 - Purchase Property Insurance Coverage - Texas Municipal League - 09_13_2012Resolution No. 2012—RO341
September 13, 2012
Item No. 5.18
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 .04798 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 September 13, 2012 1 _
GLE OBER- SON, MAYOR
ATTEST:
Reb ca Garza, City Seereta
APPROVED AS TO CONTENT:
ouincy Wh' e Assistant City Manager
APPROVED AS TO F /
John/C. �Aacq,/AssYsont City A
XES.Risk Mgmt-Texas Municipal League.
August 21, 2012
Resolution No. 2012—RO341
Wells Fargo Insurance Services
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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: 10-01-12 to 10-01-13
Locations: Statement of Values attached
COVERAGE
Limits of Insurance:
$ 400,000,000 Blanket Building & BPP
$ 826,797,400 • Property
$ 22,047,479 • Mobile Equipment
$ 69,604,062 • Citibus & Fleet
$ 918,448,941 Total Insured Value
Deductibles *Please refer to coverage comparison spreadsheet
Additional Coverages *Please refer to coverage comparison spreadsheet
LEASED LOCATIONS
LIA Hangar Bldg #310 (Chaparral), 5417 N Walnut
LIA Warehouse Bldg #722 (Thiel), 5500 N Zenith
LIA Hangar #32 (G&G Avionics), 5902 N Cedar
LIA Warehouse Bldg #710 (Nortec), 2828 E Dubuque
r LIA Warehouse Bldg #714, (Marco), 5612 N David Ave
r LIA Warehouse Bldg #716 (Marco Steel), 5618 N David Ave
LIA Warehouse Bldg #721 (Thiel), 5501 N Zenith
This information is intended to be re,.iewed by the representatives for the entity and no other parties. Review by persons
other than the entity's representatives is prohibited. LikeKise, 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. Set -vices
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INSURANCE AG LNC'Y
Limits and Coverages
TML
Loss Limit
400,000,000
Blanket, Agreed Amount, No Co -
Insurance
Yes
Deductibles:
Property
250,000
Flood
250,000
Earthquake
250,000
Named Storm
250,000
6 Designated Locations (leased)
50,000
Flood:
High Hazard (Zones A, V, B, X)
25,000,000
All Other Zones except:
Included
Earthquake
Incl, w/Flood
Transportation
1,000,000
Named Storm
Loss Limit
Accounts Receivable
5,000,000
Automatic/Newly Acquired - 90 Days
1,000,000
Boiler & Machinery
Excluded
Brands and Labels
Loss Limit
Consequential Reduction in Values
Loss Limit
Control of Damaged Property
Loss Limit
Loss Limit (if
Course Of Construction (COC)
reported)
COC Testing
Included
COC Time Element
Included in EE
Debris Removal
Included
$20,000 each
Decontamination Costs
premise
Defense Cost
Unlimited
Demolition and Increase Cost of
Construction (ICC)
Loss Limit
Unintentional E&O Loss Limit
Exhibits, Expositions, Fairs & Trade
Shows Loss Limit
Fire Dept. Surcharge Included
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 111SUrance Seances
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INSURANCE AGENCY
Leasehold Interest- 365 days max
Misc. Unnamed Locations
Service Interruption
Tax Treatment of Profits
Valuable Papers
Extra Expense
Rental Insurance
Ingress/Egress - 30 Days
Order of Civil Authority - 30 Days/1
mile
Impounded Water
*TRIA
5,000,000
Loss Limit
Loss Limit
Included in EE
5,000,000
5,000,000
Included in EE
Included
Included - 2
Weeks
Loss Limit
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 - .04798
This information is intended to be retilewed by the representatives for the entity y° 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.