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HomeMy WebLinkAboutResolution - 2023-R0121 - Airport and Aircraft Liability Insurance from Ace Property and Casualty InsuranceResolution No. 2023-RO121 Item No. 6.8 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, airport and non -owned aircraft liability insurance coverage from Ace Property and Casualty Insurance Company, for a premium amount not to exceed $37,537.00; 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 T YOR ATTEST: AVnIL Courtney Paz, Interim City cretary APPROVED AS TO CONTENT: --a A!�� D. Blu kokelich, Financial Officer APPROVED AS TO FORM: Je sell, Deputy City Attorney RES.Risk Mgmt-Ace Property & Casualty Ins February 21, 2023 Resolution No. 2023-RO121 Airport Owners Liability Insurance Company: Policy Term: Coverage: Annual Premium: $50,000,000 $50,000,000 $50,000,000 $50,000,000 $50,000,000 $500,000 $10,000 $50,000,000 $50,000,000 $50,000,000 $50,000,000 $50,000,000 $1,000,000 $1,000,000 NIL ACE Property & Casualty Insurance Co 04/01/2023to 04/01/2024 Your legal liability to members of the public for claims arising from your airport ownership or operation $37,537.00 Bodily Injury & Property Damage Liability Combined Single Limit Products -Completed Operations Aggregate Personal Injury and Advertising Injury Aggregate Incidental Malpractice Aggregate Extended Coverage - War, Hi -jacking & Other Perils Aggregate Fire Damage Limit, Any One Fire Medical Expense Limit, Any One Person Hangarkeepers Limit, Any One Occurrence Hangarkeepers Limit, Any One Aircraft Non -Owned Aircraft Liability Limit, Any One Occurrence Excess Automobile Liability, Any One Occurrence (subject to $1M underlying) Excess Employers Liability, Any One Occurrence (subject to $1M underlying) Employee Benefits Liability Aggregate Cargo Legal Liability Airport Expansion Endorsement, which includes: ✓ Broad form Insured ✓ Knowledge of Occurrence ✓ On - Airport Premises Auto Coverage ✓ Mobile Equipment ✓ Control Tower - Contingent ✓ Baggage Liability ✓ Damage to Autos ✓ Static Display of Aircraft ✓ Co -Employees (Deletion of Fellow Employee Coverage) National Incident Management System - $50,000,000 per occurrence subject to sub -limits: $50,000,000 Products -Completed Operations Aggregate $50,000,000 Personal and Advertising Injury Aggregate $50,000,000 Malpractice Aggregate $50,000 Fire Damage Limit, any one fire $10,000 Medical Expense Limit, any one person Excludes Hangorkeeper's Liability and Non -Owned Liability • - • ✓ Extended Coverage - War, Hi -Jacking and Other Perils ✓ Amendment to Include Coverage for Certified Acts of Terrorism 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: 02/17/2023 Prepared for City of Lubbock Confidential. © 2021 USI Insurance Services. All rights reserved. .� 18 ✓ Catastrophe Management Coverage ✓ Worldwide Territory ✓ Mutual Aid Agreement ✓ Immunity Waiver ✓ Volunteers Endorsement ✓ Amendment of Noise and Pollution and Other Perils Exclusion ✓ Land Acquisition Endorsement ✓ Date Recognition Limited Coverage ✓ Infringement of Copyright, Patent, Trademark or Trade Secret ✓ Amendment to Supplementary Payments (Court Cost) Endorsement ✓ 120 days' notice of cancellation / 10 days for non-payment ✓ Exclusion - Access or Disclosure of Confidential or Personal Information ✓ Exclusion — Perfluorinated Chemicals 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. Premium Overview Description Airport owner & operator's liability: Liability limit @ $50,000,000 War Coverage Terrorism (TRIA) Coverage Total Annual Premium: 2022 Expiring I 2023 Renewal Premium Premium $32,250 $806 $3,225 $36,281* *Expiring Policy actually bound on a six-month term for a total premium of $18,104 $33,366 $834 $37,537 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: 02/17/2023 Prepared for City of Lubbock Confidential. @ 2021 USI Insurance Services. All rights reserved. 19