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HomeMy WebLinkAboutResolution - 2023-R0244 - Excess Liability Insurance from Texas Insurance and Upland Specialty InsuranceResolution No. 2023-RO244 Item No. 5.5 May 23, 2023 RESOLUTION WHEREAS, on March 7, 2023, the City Council of the City of Lubbock passed Resolution No. 2023-RO120 authorizing the City Manager to purchase for and on behalf of the City of Lubbock, layered excess liability insurance coverage (the "Program"); and WHEREAS, the City of Lubbock finds that in order to procure the proper insurance coverage for the Program, it is necessary to increase the amounts that the premiums shall not exceed. NOW THEREFORE, 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 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 $ 388,444 and $ 699,209, respectfully; and THAT the City Manager may execute any routine documents and forms associated with said insurance coverage; and THAT Resolution No. 2023-RO120 is hereby repealed and replaced by this Resolution. Passed by the City Council this May 23, 2023 r TRAY P E, AYOR ATTEST: Ax NK Courtney Paz, City trLretary APPROVED AS TO CONTENT: D. Kos lich, Chief Financial Officer APPROVED AS TO FORM: Amy ins, Deputy orney RES.Risk Mgmt-Liability Insurance May 8, 2023 Resolution No. 2023-RO244 Excess Liability — 35.714% 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: $388,443.89 'Coverage Description Limit Occurrence, Accident or Claims Made Excess of Schedule of Underlying Insurance below $7,000,000 Annual Aggregate Limit — Where Applicable $14,000,000 Self -Insured Retention $0 ' Your coverage follows the Policies listed below unless otherwise noted: General Liability Policy Number: PEM000016503 I Insurance Carrier: Gemini Insurance Company Policy Term: 04/01/2023 to 04/01/2024 Each Occurrence $3,000,000 General Aggregate $6,000,000 Lubbock Power & Light — Each Occurrence/Aggregate $2,000,000 Auto Liability Policy Number: PEM000016503 Insurance Carrier: Gemini Insurance Company Policy Term: 04/01/2023 to 04/01/2024 Combined Single Limit 1$3,000,000 Miscellaneous Liability Policy Number: PEM000016503 Insurance Carrier: Gemini Insurance Company Policy 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: 09/30/99-Public Officials, Employment Practices and Employee $6,000,000 Annual Aggregate 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 i $3,000,000 Aggregate Dam, Reservoir, Levee Coverage $3,000,000 Each Occurrence '(included in Coverage A Aggregate Above) _ $3,000,000 Aggregate All Underlying Limits above are Excess of $500,000 Self Insured Retention Except Lubbock Power & Light $1,500,000 Self Insured Retention 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: 04/27/2023 Prepared for City of Lubbock Confidential. © 2021 USI Insurance Services. All rights reserved. 1 38 I- � 1 Coverage Description FORMS AND ENDORSEMENTS ATTACHING TO THE POLICY APX 11 01 05 21 Commercial Excess Liability Declarations APX 12 0109 21 Commercial Excess Liability Coverage Form ASC 00 02 09 20 SeMce of Suit ASC 00 03 09 20 Privacy Statement ASC 00 04 09 20 Claims Reporting Procedures APX 13 0109 21 Schedule of Forms and Endorsements APX 13 08 05 21 Economic or Trade Sanctions Condition(OFAC) APX 13 09 05 21 Quota Share and Severability Endorsement APX 15 05 05 21 Organic Pathogen Exclusion APX 15 06 05 21 Cyber Liability Exclusion ASX 1512 12 20 Exclusion of Terrorism Involving Nuclear, Biological or Chemical Acts of Terrorism APX 15 14 05 21 Certified Acts of Terrorism and Other Acts of Terrorism Exclusion APX 15 27 05 21 Dam Failure Exclusion -as expiring for John T. Montford Dam only Manuscript -Earlier Notice of Cancellation (90 days) Insurer Follow Form Follow underlying policy exclusions with additional exclusions noted Exclusions Additional Exclusions Cyber Liability. Organic Pathogens: Dam Failure, Certified Acts of Terrorism Policy will drop down in the event of underlying aggregate erosion following Upland 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. Applied Specialty $2,500,000 (35.714%) share part of $7,000,000 Per Occurrence, Underwriters Participation Accident or Claims Made Excess of Schedule of Underlying Insurance above $5,000,000 (35.714%) share part of $14,000,000 Aggregate, where applicable Excess of Schedule of Underlying Insurance above Terms and Conditions Pricing/Rates 80% Minimum Earned at Inception Territory State of Texas Terrorism Excluded ALAS Follows Underlying Policy Insurer Special Exceptions and Referrals Any changes to underlying insurance policies must be reviewed by Texas Insurance Company Subiectivities: ' • Per insured Dam inspections for Canyon Lakes Dams 2, 3 and 6 to be scheduled in coming year. By 7/1/23 please confirm inspections ordered and anticipated dates of inspection. 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: 04/27/2023 Prepared for City of Lubbock Confidential. © 2021 USI Insurance Services. All nghts reserved. ' � 39 a Excess Liability — 64.286% of Limit Insurance Company: Upland Specialty 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: $699,208.66 Each Occurrence, Accident or Claims Made Excess of Schedule of Underlying Insurance below $7,000,000 i Annual Aggregate Limit — Where Applicable $14,000,000 Self -Insured Retention $0 Your coverage follows the policies listed below unless otherwise noted: General Liability Policy Number: PEM000016503 Insurance Carrier: Gemini Insurance Company Policy Term: 04/01/2023 to 04/01/2024 Each Occurrence General Aggregate Lubbock Power & Light — Each Occurrence/Aggregate Auto Liability Policy Number: PEM000016503 Insurance Carrier: Gemini Insurance Company Policy Term: 04/01/2023 to 04/01/2024 Combined Single Limit Miscellaneous Liability Policy Number: PEM000016503 Insurance Carrier: Gemini Insurance Company Term: 04/01/2023 to Cov C — Public Officials, Employment Practices and Employee Benefit Liability Claims Made Retro Date: 09/10/99-Public Officials, Employment Practices and Employee Benefit Liability Limited Sexual Abuse Liability (Claims Made)-Retro Date 04/01/2022 *Included in Coverage C Aggregate Pesticide or Herbicide Pollutant Liability $3,000,000 $6,000,000 $2,000,000 $3,000,000 $3,000,000 Each Claim $6,000,000 Annual Aggregate $2,000,000 Each Act $2,000,000 Aggregate $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 All Underlying Limits above are Excess of $S00,000 Self Insured Retention Per Occurrence/Wrongful Ad/Claim Except Lubbock Power & Light $I,S00,000 Self Insured Retention Per Occurrence 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: 04/27/2023 Prepared for City of Lubbock Confidential. © 2021 USI Insurance Services. All rights reserved. USI 140 Key Endorsements, Limitations, Warranties and Exclusions include, but are not limited to, the following Coverage Description Form Plumber form/Endorsement Title UC TXCN 05 21 Texas Complaint Notice UE 00 0104 21 Commercial Excess Liability Declarations UE 00 03 04 21 Schedule of Forms and Endorsements UE 00 04 04 21 Schedule of Underlying Insurance UE 00 05 04 21 Commercial Excess Liability Coverage Form UC SLTX 02 21 Texas Surplus Lines Notice UE 00 06 04 21 Exclusion - Cyber UE 00 07 04 21 Earlier Notice of Cancellation (90 Days) Exclusion - Access or Disclosure of Confidential or Personal Information and Data UE 00 09 04 21 Related Liability UE 00 11 04 21 Exclusion - Communicable Disease UC 00 06 01 22 Claims Reporting Procedures UE 00 15 04 21 Quota Share Endorsement CX 21 33 01 15 Exclusion Of Certified Acts Of Terrorism UC 00 04 02 21 U.S. Treasury Department's Office of Foreign Assets Control COFAC") Advisory Notice to Policyholders UX 00 39 02 21 Policy Change Notice (Specific Dam Exclusion - John T Montfom Dam) UC 00 02 01 22 Service of Suit CX 27 00 12 19 Underlying Claims -Made Coverage CX 02 13 11 13 Texas Changes - Cancellation And Nonrenewal UC 00 07 02 21 SEgnature Page Retroactive Date of 4/1/2022 for Public Officials, Employment Practices & Employee Benefits Liability and Limited Sexual Abuse Liability 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. i 1 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: 04/27/2023 Prepared for City of Lubbock Confidential. © 2021 USI Insurance Services. All rights reserved. J 141