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HomeMy WebLinkAboutResolution - 2023-R0120 - Excess Liability Insurance from Texas Insurance CompanyResolution No. 2023-RO120 Item No. 6.7 March 7, 2023 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, layered excess liability insurance coverage (the "Program") from Texas Insurance Company and Upland Specialty Insurance Company (35.7% of the Program) and from Upland Specialty Insurance Company (64.3% of the Program) for which the premiums shall not exceed $376,591 and $677,872, respectfully; and THAT the City Manager may execute any routine documents and forms associated with said insurance coverage. Passed by the City Council this March 7, 2023 TRAY VAYjC-,MKYOR A EST: Courtney Paz, Interim City Secretary APPROVED AS TO CONTENT: -,rq.A;F� D. Kost ich, Chief inancial Officer APPROVED AS TO FORM: = a Le 912 ;(W-0 �v Jeff Flw6ell,eputy City Attorney RES.Risk Mgmt-Liability Insurance March 6, 2023 Resolution No. 2023-R0120 Excess Liability — 35.7% of Limit Insurance Company: Texas Insurance Company Policy Term: 04/01/2023 to 04/01/2024 Coverage: Provides additional liability limits that are in excess of the limits provided on specified underlying liability policies. Estimated Annual Premium: $376,591.00 Limit Per Occurrence General Aggregate Self -Insured Retention Your coverage follows the policies listed below unless otherwise noted General Liability Policy Number: PEM000016503 Insurance Carrier: Gemini Insurance Com Policy Term: 04/01/2023 to Each Occurrence General Aggregate Auto Liability Policy Number: PEM000016503 Insurance Carrier: Gemini Insurance Com Policy Term: 04/01/2023 to 04/01/2024 Combined Single Limit Miscellaneous Liability Policy Number: PEM000016503 Insurance Carrier: Gemini Insurance Com Term: 04/01/2023 to 04/01/2024 $7,000,000 $14,000,000 $0 $3,000,000 $6,000,000 $3,000,000 Cov C — Public Officials, Employment Practices and Employee Benefit Liability $3,000,000 Each Claim Claims Made Retro Date: 09/10/99-Public Officials, Employment Practices and $6,000,000 Annual Aggregate Emplovee Benefit Liabilitv Limited Sexual Abuse Liability $2,000,000 Each Act I (Claims Made)-Retro Date 04/01/2022 *Included in Coverage C Aggregate $2,000,000 Aggregate Pesticide or Herbicide Pollutant Liability $3,000,000 Each Occurrence $3,000,000 Aggregate Dam, Reservoir, Levee Coverage $3,000,000 Each Occurrence *(included in Coverage A Aggregate Above) $3,000,000 Aggregate Limits above Excess of $500,000 Self Insured Retention Key Endorsements, Limitations, Warranties and Exclusions include, but are not limited to, the following: Coverage Description Exclusion: Terrorism Exclusion: Specific Dam - John T Montford Dam Excluded coverage may be available for an additional premium. Other exclusions and policy limitations may apply. Please refer to the actual policies for specific terms, conditions, limitations and exclusions that will govern in the event of a loss. Excess Liability — 64.3% of Limit Insurance Company: Policy Term: Coverage: Estimated Annual Premium: Limit Per Occurrence General Aggregate Self -Insured Retention Upland Specialty Insurance Company 04/01/2023 to 04/01/2024 Provides additional liability limits that are in excess of the limits provided on specified underlying liability policies. $677,872.00 Your coverage follows the policies listed below unless otherwise noted General Liability Policy Number: PEM000016503 Insurance Carrier: Gemini Insurance Com Policy Term: 04/01/2023 to 04/01/2024 $7,000,000 $14,000,000 $0 Each Occurrence $3,000,000 General Aggregate $6,000,000 Auto Liability Policy Number: PEM000016503 Insurance Carrier: Gemini Insurance Com Policy Term: 04/01/2023 to 04/01/2024 Combined Single Limit $3,000,000 Miscellaneous Liability Policy Number: PEM000016503 Insurance Carrier: Gemini Insurance Com Policv Term: 04/01/2023 to 04/01/2024 Cov C — Public Officials, Employment Practices and Employee Benefit Liability $3,000,000 Each Claim Claims Made Retro Date: 09/10/99-Public Officials, Employment Practices and $6,000,000 Annual Aggregate Employee Benefit Liability Limited Sexual Abuse Liability $2,000,000 Each Act (Claims Made)-Retro Date 04/01/2022 *Included in Coverage C Aggregate $2,000,000 Aggregate Pesticide or Herbicide Pollutant Liability $3,000,000 Each Occurrence _ $3,000,000 Aggregate Dam, Reservoir, Levee Coverage $3,000,000 Each Occurrence *(included_ in Coverage A Aggregate Above) $3,000,000 Aggregate Limits above Excess of $500,000 Self Insured Retention Key Endorsements, Limitations, Warranties and Exclusions include, but are not limited to, the following: Coverage Description Exclusion: Terrorism Exclusion: Specific Dam - John T Montford Dam Excluded coverage may be available for an additional premium. Other exclusions and policy limitations may apply. Please refer to the actual policies for specific terms, conditions, limitations and exclusions that will govern in the event of a loss. Premium Summary