HomeMy WebLinkAboutResolution - 2018-R0354 - Crime Insurance Coverage From Travelers Casualty & Surety Company Of America - 09/27/2018Resolution No. 2018-R0354
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, crime insurance coverage from 'travelers
Casualty & Surety Company of America, for which the premium amount shall not exceed
$6.921;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, 20 18
DANIEL M. POPE, MAYOR
AT" IIST:
Reb ca Garza, City Secret
APPROVED AS TO CONTENT:
Leisa Hutcheson, Director of Human Resources
And Risk Management
APPROVED AS TO FORM:
Jeff Haffi6ll, epu�iorney
,,, ccdocs/RES.Risk Mgmt-Travelers Casualty & Surety
September 11, 2018
Crime Coverage
Insurance Company: Travelers Casualty& Surety Company of America
Policy Term: 10/O1/2018 to 10/O1/2019
Coverage:
Annual Premium: $6,921.00—Option l per Expiring
$7,290.00—Option 2Increased Social Engineering to $500,000
$7,546.00—Option 3Increased Social Engineering to $1,000,000
Coverage Description
A — Fidelity
1. Employee Theft
$2,000,000
$50,000
2. ERISA Fidelity
Not Covered
3. Employee Theft of Client Property
Not Covered
B— Forgery or Alteration
$2,000,000
$50,000
C—On Premises
$2,000,000
$50,000.
D — In Transit
$2,000,000
$50,000
E — Money Orders and Counterfeit Money
$2,000,000
$50,000
F — Computer Crime
1. Computer Fraud
$2,000,000
$50,000
2. Computer Program and Electronic Data
Not Covered
Restoration Expense
G— Funds Transfer Fraud
$2,000,000
$50,000
H — Personal Accounts Protection
1. Personal Accounts Forgery or Alteration
Not Covered
2. Identity Fraud Expense Reimbursement
Not Covered
I — Claim Expense
$5,000
$0
Social Engineering Fraud
$300,000
$50,000
OptionsApplicable Forms & Endorsements:
Policy Forms
CRI-2001-0109 Crime Declarations Page
CRI-3001-0109 Crime Policy Form
Endorsements
ACF-7006-0511 Removal of Short -Rate Cancellation Endorsement
CRI-10073-0311 Government Entity Crime Coverage Without Individual Exclusion Endorsement
Employee Theft Per Loss Coverage Limit
$2,000,000
Employee Theft Per Loss Coverage Retention $50,000
CRI-10083-0411 Sponsored Plan Endorsement
CRI-19072-0315 Global Coverage Compliance Endorsement— Adding Financial
Interest Coverage
And Sanctions Condition and Amending Territory Condition
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Endorsements (cont'd)
CRI-19085-GS16 Social Engineering Fraud Insuring Agreement Endorsement
CRI-19097-0517 Replace Exclusion Be. Endorsement
CRI-19101-1117 Amendatory Endorsement for Certain ERISA Considerations
CRI-4019-0911 Texas Changes Endorsement
CRI-5044-0613 Texas Cancellation or Termination Endorsement
CRI-7026-0713 Amend Cancellation As To Any Employee Endorsement
CRI-7059-0109 Amend Definition of Employee Endorsement
CRI-7087-0109 Amend Duties in the Event of Loss - Knowledge by Corporate Officials Endt
CRI-7135-0910 Government Entity Crime - Specified Limit and Retention for Faithful
Performance or Duty (Except Police Officers or Other Peace Officers) Endt
Single Loss Limit $1,000,000
Single Loss Retention $50,000
CRI-7203-0109 Amend Extended Period of Discover Loss Endorsement
CRI-7224-0517 Tax Liability Endorsement
Forms and Conditions
Settlement Basis
• Money - Face value
• Securities- Value on the day the loss was discovered
• Property- Cost to repair or replace
Discovery Period- Pays only for covered loss discovered no later than one year from the end of the
policy period
Records - You must keep records of all covered property to verify the amount of the loss
Duties In The Event Of A Loss- Notify us as soon as possible, cooperate with investigation & settlement
Computer Fraud - Theft of money, securities or properly by computer to fraudulently transfer covered property
from your premises or bank to another person or place outside of your premises
Employee Theft Coverage - Covers loss of or damage to money, securities and other property caused by employee
dishonesty
Forgery or Alteration -Covers losses resulting from forgery or alteration of checks or covered instrument
Inside the Premises -Theft of Money and Securities - Covers losses by theft, disappearance or destruction
Inside the Premises - Robbery or Safe Burglary of Other Property - Covers the robbery of a custodian and safe
burglary
Outside the Premises -Covers losses in the care and custody of a messenger or armored car
Theft, Destruction or Disappearance - Covers against loss resulting from the theft, destruction or disappearance
of money and securities as well as damage to containers on premises directly resulting from theft or unlawful entry
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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