HomeMy WebLinkAboutResolution - 2018-R0346 - Montford Dam - Property Insurance With Zurich American Insurance Comp - 09/27/2018Resolution No. 2018-R0346
Item No. 6.28
September 27, 2018
RESOLUTION
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
THAT the City Manager is hereby authorized and directed to purchase for and on behalf'
of the City of Lubbock, property insurance by and between the City of Lubbock and Zurich
American Insurance Company in the amount of $50,000,000 insurance coverage for Montford
Dam, for a total premium in an amount not to exceed $164,485.00; and
THAT the City Manager or designee may execute any routine documents and forms
associated with said insurance coverage.
Passed by the City Council on September 27, 2018
DANIEL M. POPE. MAYOR
ATTEST:
eb ca Garza, City Secre Uy
APPRO( V,F,D ALTO CONTENT:
Leisa`Hutcheson, Director of I luman Resources
and Risk Management
APPROVED AS TO FORM:
vw/ccgocs/Res.Risk Mgmt-7.urich Amcricnn Ins.
ScpWmba 11. 2018
John T. Montford Dam Property
Insurance Company: Zurich American Insurance Company
Policy Term: 10/1/2018 to 10/1/2019
Coverage: Property insurance covers your interest against direct
physical loss or
damage by covered perils to named property that you own or are
required to insure. See attached schedule for covered locations.
Annual Premium: $164,485.00
Subject of Insurance
Limit
Policy Limit of Liability For Any Occurrence For any one occurrence, subject
to the following sublimits and annual aggregate. In no event shall this
$50,000,000.
policy's liability exceed the Limit of Liability or the scheduled values,
whichever is less, in any one occurrence.
Physical Damage Coverage to the Covered Property
$50,000,000
Loss of Revenue
NCP
Accounts Receivable
$50,000
Interruption by Civil or Military Authority
14 Days
Expediting Expense
$500,000
Extra Expense
$500,000
Debris Removal $5,000,000 (or 25%)
Fire Department Service Charge
$100,000
Ingress/Egress
14 Days
Loss Adjustment Expense
$100,000
Newly Acquired Locations
$500,000
Ordinance or Law/Demolition or Increased Cost of Construction
$1,000,000
Transit - Any One Conveyance
$2,500,000
Valuable Papers & Records
$25,000
Terrorism $50,000,000
Annual Aggregate— Earthquake $10,000,000
Annual Aggregate— Flood $10,000,000
Annual Aggregate— Named Storm $10,000,000
Deductibles
Physical Loss of or Damage to Covered Property; unless $2,000,000
Physical Loss of or Damage to Surveillance Equipment $25,000
As Respects to Earthquake
As Respects to Flood
As Respects to Named Storm
Loss of Revenue
$2,000,000
$2,000,000
$2,000,000
NCP Days —Waiting Period
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Building Vacancy Provision - Coverage may be restricted or excluded for any Building found to be vacant
for a minimum of 30 consecutive days or longer subject to all other policy terms and conditions. If any
of your covered buildings meet this description at any time during the policy period, please contact us
so we can assist you in maintaining appropriate coverage.
Protective Safeguard Endorsement - Failure to maintain the protective safeguards in good working
order or failure to notify the insurer of even a temporary impairment in protection suspends coverage
until the protection is restored.
Valuation: 1) Covered Property — Cost to repair or replace with like kind or quality, at time of loss.
If not replaced, ACV with deduction for depreciation and exclusive of profit & overhead
2) Transit — Invoice cost plus accrued shipping charges less shippers liability, if any.
3) Loss of Revenue —Actual Loss Sustained subject to stated coverage and specified
indemnity period.
Property Disclaimer: This policy insures against direct physical loss or damage to Real & Personal
Property from a covered cause of loss and any resulting Loss of Revenue as more fully defined with the
policy. It is your responsibility to notify USI's personnel, in writing, if these limits are not adequate to
rebuild and/or replace, in today's dollars, your current building and contents. "Replacement cost" does
not mean replace at any cost.
Terms & Conditions: Per Expiring Policy Form
Extensions or Exclusions:
Property excluded: aircraft, rolling stock, watercraft, land/land values, electrical/gas/water or other
transmission line and related plants and substations; Offshore rigs & platforms, Property sold under
conditional sale; Shipments by mail, parcel post and those shipments to and from Alaska or Hawaii;
Overseas shipments and others per the policy.
Consequential Loss: Error/Omission or deficiency in design, plans, workmanship, specifications or
materials; Wear & Tear; War; Nuclear; Mysterious Disappearance & Inventory Shortage; Employee
Dishonesty, Fraud & Infidelity; Fungus; Pollution & Contamination; Asbestos; Normal Subsidence &
Settling; and other per the Policy.
Property Damage Total Insured Value (TIV): $128,203,265
Excluded coverage or other coverages sought may be available: please discuss with USI
Other exclusions and policy limitations may apply. Please refer to the actual policies for specific terms,
conditions, limitations, exclusions and sublimits that will govern in the event of a loss.
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