HomeMy WebLinkAboutResolution - 2012-R0342 - Purchase Boiler And Machinery Insurance Coverage - Hartform Steam & Boiler Co. - 09_13_2012i
Resolution No. 2012—RO342
)September 13, 2012
Item No. 5.19
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, boiler and machinery insurance
coverage from Hartford Steam & Boiler Inspection and Insurance Company, for a
premium amount not to exceed rates of .05331$100; 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
GLEN OBERTSON, MAYOR
ATTEST:
Rebe ca Garza, City Secretary
APPROVED AS TO CONTENT:
Quincy Whi ssistant City Manager
APPROVED AS TO FORM:
1
Chad Weaver, Assistant City Attorney
RES.Risk Mgmt-Hartford Steam & Boiler ins.
i August 21, 2012
Resolution No. 2012--RO342
Wells Fargo Insurance Services
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INSURANCE AGENCY
BOILER & MACHINERY
Insurance Company Hartford Steam Boiler
A+ XV - Admitted
Effective Date:
COVERAGE
Limits of Insurance:
10-01-12 to 10-01-13
Coverage
Hartford Steam
Equipment Breakdown Limits
$50,000,000
Property Damage
Included
Business Income
$5,000,000
Extra Expense
Combined with
Business Income
Service Interruption
$100,000
Spoilage Damage
$100,000
Utility Interruption
$100,000
(Coverage applies only if the interruption of services lasts
at least 24 hrs)
Off Premises Property Damage
Excluded
Newly Acquired Premises (90 days)
$2,5000,000
Ordinance or Law Coverage
$100,000
Data Restoration
$100,000
Demolition
$100,000
Errors & Omissions
Included Subject
to Conditions
Contingent Business Income & Extra Expense
No Coverage
Contingent Extra. Expense Only
No Coverage
Mold
$25,000
Green
$25,000
Hazardous Substances
$100,000
This information is intended to be reNiewed by the representatives for the entih and no other parties. Re%ie%% by persons
other than the entity's representatives is prohibited. Likenise, dissemination or copying of this document or the information
contained herein to persons other than the entity's representative is also prohibited.
3
Wells Fargo Insttrance Services
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INSURANCE AGENCY
DEDUCTIBLES
Deductible Description Deductible Amount
The deductible applies only to a coverage for which an amount, hours, days or the word
INCLUDED is shown. If INCLUDED is shown, the deductible for that coverage is part
of the Combined Deductible.
25,000 with the following exceptions:
-Power Generating Stations: $100,000
■ Hartford Steam Boiler -Steam & Gas Turbines and Driven Generators $250,000
except:
Cook #2 54.3 MW turbine or generator: $350,000
Massengale #8 43 MW turbine or generator: $500,000
Combined BI & EE 24 Hours
Extra Expense only 24 Hours
(applicable to power
generation location)
Spoilage & Ammonia Included within the PD deductible
Rates: Hartford Steam Boiler - .0520 -1 year
.0533 - 3 year
Special condition for 3 year rate guarantee
If the Cumulative Loss Ratio for the coverage provided by this policy is less than forty (40)
percent for the cumulative period beginning on the effective date of this policy through and
including the most recent annual period, then there will be no increase in the prenuum for the
This information is intended to be rexiewed by the representatives for the entio, and no other parties. Revie►c b5 persons
other than the entity's representatives is prohibited. Like%Ose, dissemination or eop}ing of this document or the information
contained herein to persons other than the entih''s representative is also prohibited.
Wells Fargo Insurance Services
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INSURANCE AGENCY
subsequent annual period, except premium will be adjusted for (1) value changes at existing
locations; (2) new locations and; (3) additional coverage.
Annual Period means those twelve (12) month periods that begin on the effective date of this
policy (and each of the next 2 successive anniversaries) and expire subsequently 12 months
thereafter (and each of the next 2 successive anniversaries).
The Cumulative Loss Ratio means the Cumulative incurred losses divided by the Cumulative
Earned Premium.
Cumulative incurred losses means all losses actually paid and reserves for unpaid losses as
estimated by us for the period beginning on the effective date of this policy through and
including the most recent annual period. You shall notify us of the intention to file a claim for
loss or damage, and shall make a tentative estimate of the amount of such loss or damage
within sixty (60) days following the date of loss. This requirement does not moodily the policy
condition of duties in the event of loss or damage.
Cumulative Earned Premium means the sum of the earned premium for each annual period for
the period beginning on the effective date of this policy through and 'including the most recent
annual period.
This information is intended to be reNiewed by the representatives for the entity and no other parties. Re%iew by persons
other than the entity's representatives is prohibited. Likeitiise, dissemination or coping of this document or the information
contained herein to persons other than the entity's representative is also prohibited.