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HomeMy WebLinkAboutResolution - 2023-R0489 - Property Insurance Coverage, AEGIS, Talbot And Hiscox; $0.2666/$100 - 10/10/2023Resolution No. 2023-R043? Item No. 5.5 October 10, 2023 RESOLUTION BE IT RESOLVED BY THE CITY COUNCIL. OF THE CITY OF LUBBOCK: THAT the actions of the City Manager of the City of Lubbock in p ire l t�ir �I property insurance coverage to include terrorism with AEGIS, Talbot and Hiscox. i;C:.,nd on behalf of Lubbock Power and Light, the City's municipal utility are hereby ati; is°d. THAT the City Manager may execute any routine documents and forms associated with said insurance coverage. Passed by the City Council this October 10, 2023 APPROVED AS TO CONTENT: D. Blu Kos lich, Chief ncial Officer APPROVED AS TO FORM: Jeff Hartsell, Deputy City Attorney RES.Risk Mgmt-LP&L Property Ins. October 4, 2023 V IRH cewa Go iRDSL Lubbock Power & Light, Policy Year the City of Lubbock's municipally owned electric 200 209 utility Description Values. Rates Premium Surplus Lines Tax & Fee Property damage including Business Interruption $534,441,091 $0.2178 $1.163,998 S57 327 Standalone Terrorism Policy $534,441,091 $0.0081 $43,352 $2,135 Loss Control Services Services provided by AEGIS Included Above $0 Placement Service Fee Services provided by NFP $150,000 $7,388 Annual Property Premium Including: TaresfFeeslAdditional Serviceslierrorism $1,424,200 All In Property Rate Per $100 Insured 0.2665% For mturmaaonal purposes onry. 77us doel—I does nor —and. e.tena or abler wv&vr. PJoase-I& to any aauel PoUcy(s) ter speoec tam. condrt , Iunrtaroni ood e.aes ons. tnsamnce s ms povided by NFP PIOPBRy a Casually Sa WOS, tr (NFP P&Q. a 0NFF svasidiaryofNFP Cmp (NFP) and robed NFP suasrarery companras In ca!i(omia, NFP Pde does business as WP Pmp" 6 Casually lnswarwa Serorcas. Inc lharrse OOF15715. 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