The URL can be used to link to this page

Home My WebLink AboutResolution - 2019-R0299 - LP&L Property Insurance Coverage - 08/27/2019 Resolution No. 2019-RO299 Item No. 6.25 August 27, 2019 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 Lubbock Power and Light, the City's municipal electric utility, property insurance coverage to include boiler and machinery with the insurers listed in the attachment and pursuant to the terms and conditions stated therein, for which the premium amount shall not exceed a rate of .2234 per $100.00, said attachment is incorporated hereto as if fully set forth herein; and THAT the City Manager may execute any routine documents and forms associated with said insurance coverage. Passed by the City Council this August 27, 2019 DANIEL, M. POPE, MAYOR ATTEST: 'Do cz Retie ca Garza, City Secreta APPROVED AS TO CONTENT: 3 Leisa Hutcheson, Director of Human Resources and Risk Management APPROVED AS TO FORM: Jeff Iartsell, Deputy City Attorney RES.Risk Mgmt-LP&L Property Ins. August 15,2019 Resolution No. 2019-RO299 Commercial Property— Lubbock Power Light 7 23 2019 Lubbock Power&Lilght,the .CiPallV owned electric utilitV Poll Year 7 '20T9 200 Descrl PCon Values: Rates Premium Sur lus Lines Tax&Fee Property Damage Including Business Interruption 409 350023 0.1897 5776,490 38825 Additional Premium Due 2017 Loss 419 758 616 20.0056 $76,04 $3,802 Standalone Terrorism Policy $409,350.023 0.0043 $17,495 875 Loss Control Services services provided by AEGIS 10 000 0 Placement Service Fee Services provkled by Wortham 40,000 2000 APPA Marketin Fee 100 50 Loss Control Services(Premium Credit) Carriers reimburse up to 2.5%of premium 1G vG0 $0 Annual Property Premium including: $95s,627 Taxes Fees Additlona1Services Terrorlsm All In Property Rate Per 1001nsured $0.2334 Scor(UKJ Domestic: Hardy AEGIS Mitsui (Associate Electric and Gas Carriers Amlin Insurance Services Limited) Comments Starstone Hannover Policy Limit *Denotes Annual A ate $369,523,507 Earth Movement $250,000,000 Earth Movement(High Hazard $20,000,000 Flood $250,000,000 Flood Zone Aor V JHlgh Hazard) $30,000,000 Named Windstorm(High Hazard) $100,000,000 Newl y Acqu i red Property $50,000,000 Property In the Course of Constructi on $25,000,000 Personal Property $10,000,000 Including whilst temporarily Off Premises Valuable Papers and Records $S,000,000 Accounts Receivable $10,000,000 The Greater of 25%of Debris Removal $25,000,000 Adjusted Direct Property Loss or$5,DDOM Fi re&Police Depa rtment Charges&Exti nguishi ng $2,000,000 Cost Ex editi ng Expense $5,000,000 Property in Transit $15,000,000 In rens E ress and Prohibited Access 30 Das Limited to 1 mile of the plant Civil or Military Authority 30 Das Limited to 1 mile of the plant Contaminants and Pollutants $5,000,000 or 115%ofthe declared Demolition and increased Cost of Construction $25,000,000 values,whichever is less LIGHT ®. 69 Errors and Omissions $10,P00,000 Miscellaneous Unnamed locations 10000000 Im ounded Water 30 Days Fine Arts $5,000,000 Rental Transformers&Spare Equipment $10,000,000 Claims Pre aradonCosts $500,000 Recovery of Salvage $5,000,000 Pair&Set $10,000,000 Electronic Data Processing Media Valuation $25,000,000 Extra Expense $10,000,000 Contingent Extra Expense $1,100,000 Contingent Business Interrution $1,100,000 Rental&Leased Equipment 5 000 000 Business Interruption $6,500,000 Sta ndal one Terrorism Policy $100,000,000 Deductible-Per Occurrence Property Damage $100,000 Non-generating/Transmission locations $100,000 SteamTurbine Generators including Machinery Breakdown $250,000 Combustion Turbine Generators including Machinery Breakdown $250,000 Cookep2 54.3MW Turbine or Generator including Machinery Breakdown $300,000 Massengale#8 43MW Turbineor Generator including Machinery Breakdown $350,000 Transit $50,000 Electronic Data Processing Equipment 510,000 Contractor's Equipment 10,000 FloodIHigh Hazard) 2.50Y subject tomini mumof$500,000 andmaxi mum of$5,000,000 Named Windstorm 2.50% sub ecttominimumof 300000 Earth Movement(High Hazard) 2.0096 sub'ecttominimum of$200,000 Transformers $1.50KVA,subject to aminimumof$25,000 Standalone Terrori s m Pal i cy $25,000 Time Element Business Interruption 30 Days Waiti ng Period Contingent Business Interruption 30 Days Waiting Period NOTE:The 2019-2020 Minimum Premium Indication is not a premium quote or an offer of coverage and is based solely on consideration of the current situation with the account. Further adjustments maybe necessary based on loss development,market or account conditions. MARSH f Wortham