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HomeMy WebLinkAboutResolution - 2022-R0397 - Property Terrorism Insurance from Lloyd's of LondonResolution No. 2022-R0397 Item No. 5.2 September 27, 2022 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 terrorism insurance coverage from Underwriters at Lloyds of London, for which the premium amount shall not exceed a rate of .0025 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 on September 27, 2022 TRAYTAYA, MAYOR ATTEST: Rebe ca Garza, City Sec t APPROVED AS TO CONTENT: D. Bru Koste ich, Chief Financial Officer APPROVED AS TO FORM: '-4el d2LOI�� Je H sell, Deputy City Attorney vw:ccdocs/RES.Risk Mgmt-Underwriters at Lloyds [terrorism Ins] September 13, 2022 Resolution No. 2022-RO397 Terrorism — Foreign & Domestic Threats (Property) Insurance Company: Underwriters at Lloyd's London Policy Term: 10/01/2022 to 04/01/2024 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: $24,056.15 Including Taxes & Fees (0.0025 Rate) Options to get to 4/1: $36,724.00 Including Taxes & Fees (0.0025 Rate) to expire 4/1/2024 General Terms & Conditions 1. 18-month policy period premium is noted below. 12-month policy period premium is noted above. 2. 100% Lloyd's syndicate paper which is rated A by A.M. Best Financial Size Category is Class XV. 3. General Terms and Conditions TR5 P0001 CW (09-17) applies to this policy in conjunction with the specific wording detailed in each section below. 4. Attached endorsements apply: E2007.2 - Lloyd's Syndicate (33) Endorsement, E2010.1- Premium Payment Clause (Reinsurance), E2013.1- Service of Suit Endorsement, and E2017.1- Policyholder Disclosure Notice of Terrorism Insurance Cover Terrorism and Sabotage $50,000,000 Per Occurrence $50,000,000 Aggregate Excess of: N/A SPECIAL CONDITIONS / OTHER COVERAGES: NO FLAT CANCELLATIONS ALL FEES ARE FULLY EARNED AT INCEPTION $36,724.00 1 100% 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. This proposal is merely a descriptive summary of coverage provided by the insurance companies being proposed and should be used for reference purposes only; it is not a binder and does not amend or alter the insurance contract. Please refer to the policy contract for specific terms, conditions, limitations, and exclusions. Proposal date: 09/06/2022 Prepared for City of Lubbock �.........w�.. ttt Confidential. © 2021 USI Insurance Services. All rights reserved. � 16