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Home My WebLink AboutResolution - 2018-R0353 - Inland Marine Insurance Coverage From Travelers Lloyds Insurance Company - 09/27/2018Resolution No. 2018-R0353 Item No. 6.35 September 27, 2018 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, inland marine insurance coverage from Travelers Lloyds Insurance Company, for which the premium amount shall not exceed $8.313; and THAT the City Manager may execute any routine documents and forms associated with said insurance coverage. Passed by the City Council on September 27, 2018 lz—,:=�. DANIEL M. POPE, M OR ATTEST: pl-04,� X Re eca Gana, City Secrete APPROV •D AS TO.CONTrNT: Letsa Hutcheson. Director of Human Resources And Risk Management APPROVED AS TO FORM: Hat se , Deputy City Attorney vwxcdocs/RFS.Risk Mgmt-Travelers Lloyds Ins. September 11, 2018 Inland Marine Insurance Company: Travelers Lloyd's Insurance Company Policy Term: 10/01/2018 to 10/O1/2019 Coverage: Property insurance for property in transit over land, certain types of moveable property, instrumentalities of transportation (such as bridges, roads, and piers, instrumentalities of communication (such as television and radio towers), and legal liability exposures of bailees. Annual Premium: $8,313.00 Communications Coverage CM T3 26 Broadcasters Equipment & Media Coverage Form Transmitting, Receiving and Studio Operating Equipment Location —Building Number $25,423 Location: 2 Building 2 1801 Avenue G Lubbock, TX 79401 Data & Media No Coverage Scenery, Costumes & Theatrical Property No Coverage Improvements and Betterments No Coverage Buildings as Covered by This Form No Coverage Mobile or Portable Equipment Item Number —Description 1— Various Items per Schedule on file with the Company including Sound See Special Conditions Equipment Other Property No Coverage�i Tower Collapse No Coverage Deductible: $2,500 Valuation Actual Cash Value Coinsurance 0%� rNerlu a-nm 121 a n� Coverage Extensions Tuning of Towers Up to $5,000 Preservation of Property Included Property at a Temporary Location Up to $50,000 Additional Coverages Debris Removal Up to 25%/$10,000 Pollutant Cleanup and Removal Up to $10,000 Valuable Papers and Records— Other than Accounts Up to$10,000 Receivable Fire Department Service Charge Up to $2,500 Fire Protective Equipment Recharge Up to $2.500 Newly Acquired or Constructed Property Up to $100,000 Special Conditions Mobile and Portable Equipment- included Fine Art— Museum CM T3 42 Museum Coverage Form Location Level Conditions. Coverage and Limits Location:1 Building:1 Address: Per schedule on file with us Lubbock, TX Description of Premises: Various locations owned or operated by you per schedule on file with Company. Property at your premises Flood Earth Movement Location:3 Building:3 $4,030,833 $0.2100 No Coverage No Coverage Address: Exhibits at your premises Description of Premises: Exhibits at your premises Coverage Limit of Insurance Annual Rate Property at your premises $250,000 $0.2500 Flood Earth Movement Coverage Level Conditions, Coverage & Limits Property at any other location Property in transit Deductible: $2,500 No Coverage No Coverage $500,000 $250,000 ® rHcrivne-RM 122 nsv Valuation Current Market Value Additional Debris Removal Up to 25%/$25,000 Pollutant Cleanup and Removal Up to $25,000 Parcel Post and Registered Mail Up to $1,000 per package / $25,000 per occurrence Expediting Expenses Up to $25,000 Inventory, Appraisals and Loss Adjustment Expenses Up to $10,000 Fire Department Service Charges Up to $5,000 Refilling of Fire Protective Devices Up to $5,000 U.S. Indemnity Deductible Coverage Up to $400,000 Currency Fluctuation Included Pairs and Sets Included Other Terms and Conditions CM T3 54— Earth Movement Exclusion CM T3 56— Flood Exclusion Other Forms ILT3 82 Exclusion of Loss Due to Virus or Bacteria ILT412 Amendment Of Common Policy Conditions — Prohibited Coverage— Unlicensed Insurance And Trade Or Economic Sanctions ILT414 Cap On Losses From Certified Acts Of Terrorism Applicable endorsement and/or modifier relating to exclusion of certain computer related losses due to dates or times will also apply. Excluded coverage or other coverages sought may be available: please discuss with USI Other exclusions and polity Ilmitations 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. Fine Arts Location Schedule 1• 1801 Crickets Ave, Lubbock, TX 79401 Buddy Holly Center 2 6202 IH 27 Service Road, Lubbock, TX 79401 i Silent Wings Museum 3 1501 Mac Davis Lane, Lubbock, TX 79401 Civic Center 4 1924 Crickets Ave, Lubbock, TX 79401 Buddy Holly Statue OrHeraa a -am 123 Terrorism Risk Insurance Act Disclosure The federal Terrorism Risk Insurance Act of 2002 as amended ("TRIA") establishes a program under which the Federal Government may partially reimburse Ynsured Losses" (as defined In TRIA) caused by "Acts Of Terrorism" (as defined In TRIA). "Act Of Terrorism" Is defined In Section 102(1) of TRIA to mean any act that Is certified by the Secretary of the Treasury— In consultation with the Secretary of Homeland Security and the Attorney General of the United Stales —to be an act of terrorism; to be a violent act or an act that Is dangerous to human life. property, or Infrastructure; to have resulted In damage within the United States, or outside the United States In the case of certain air carriers or vessels or the premises of a United States Mission; and to have been committed by an mdlNdual or Individuals as part of an effort to coerce me civilian population of the United Stales or to Influence the policy or affect the conduct of the United States Government by coercion. The Federal Government's share of compensation for such Insured Losses is established by TRIA and Is a percentage of the amount of such Insured Losses in excess of each Insurer's 'Insurer Deductible" (as defined In TRIA), subject to the -Program Trigger (as defined In TRIA). Through 2020, that percentage Is established by TRIA as follows' B5%with respect to such Insured Losses occurring in calendar year 2015. 84%with respect to such Insured Losses occurring In calendar year 2016. 63%with respect to such Insured Losses occurring in calendar year 2017. B2%with respect to such Insured Losses occurring In calendar year 201 B. 81%with respect to such Insured Losses occurring in calendar year 2019. B0%with respect to such Insured Losses occurring in calendar year 2020. In no event. however. will the Federal Government be required to pay any portion of the amount of such Insured Losses occurring In a calendar year that In the aggregate exceeds $100 billion, nor will any Insurer be required to pay any portion of such amount provided that such Insurer has met Its Insurer Deductible. Therefore. R such Insured Losses occurring in a calendar year exceed $100 billion In the aggregate. the amount of any payments by the Federal Government and any coverage provided by this policy for losses caused by Acts Of Terrorism may be reduced. For each coverage provided by this policy that applies to such Insured Losses, the charge for such Insured Losses Is Included In the premium for such coverage and Is listed below. Such charges do not Include any charge for the portion of such Insured Losses covered by the Federal Government under TRIA. Coverage Included Charge For insured Losses Commercial Inland Marine 1%of the Commercial Inland Marine Coverage premium. am,J1rTwAniarv, za 1tAY