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Home My WebLink AboutResolution - 2024-R0123 - Layered Excess Liability Insurance, Texas Insurance, Upland Specialty - 03/26/2024Resolution No. 2024-R0123 Item No. 5.10 March 26, 2024 RESOLUTION BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY O� 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 (35.7% of the Program) and from Upland Specialty Insurance Company (64.3% of the Program) for which the premiums shall not exceed $422,928.01 and $761,280.09, 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 26, 2024 APPROVED AS TO CONTENT: D. Blu Ko, lich, Chie ' ancial Officer APPROVED AS TO FORM: 3c sell, Deputy City Attorney RES.Risk Mgmt-Liability Insurance March 14, 2024 �our�ney raz, �ity �ecretary Resolution No. 2024-R0123 Excess Liability — 35.714% of Limit Insurance Company: Texas Insurance Company Policy Term: 04/01/2024 to 04/01/2025 Coverage: Provides additional liability limits that are in excess of the limits provided on specified underlying liability policies. Annual Premium $422,928.01 Including Taxes & Fees (TRIA Declined) . �• . . Limit Per Occurrence $7,000,000 General Aggregate Self-Insured Retention Your covera�e follows the policies listed below unless otherwise noted General Liability Policy Number: PEM000016504 $14,000,000 $0 Insurance Carrier: Gemini Insurance Company Policy Term: oa/oi/io2a to oa/oi/zoz5 . - �• . . Each Occurrence $3,000,000 GeneralAggregate Auto Liabilitv Policy Number: PEM000016504 Insurance Carrier: Gemini Insurance Company Policy Term: 04/01/2023 to 04/01/2024 Combined Single Limit Miscellaneous Liabilitv Policy Number: PEM000016504 Insurance Carrier: Gemini Insurance Company Policy Term: 04/01/2024 to Cov C— Public Officials, Employment Practices and Employee Benefit Liability Claims Made Retro Date: 09/10/99-Public Officials, Employment Practices and $6,000,000 $3,000,000 $3,000,000 Each Claim $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 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: 03/12/2024 Prepared for City of Lubbock � Confidential. O 2021 USI Insurence Services. All rights reserved. a� 38 Retained Limit Appiicable separately for Coverages per Schedule of Underlying Insurance :�500,000 Each OccuRence, Accident or Claims Made Applled Speclatty $2,500,000 (35.714°k) share part of $7,OQ0,000 Per Occurrence, Underwriters Partfctpation Accident or Claims Made Excess of Schedute oi Underlying Insurance above $5,000,000 (35.7�4°�) share part of $i4,000,000 Aggregate, where appOcable Excess of Schedule of Underlying Insurance above Insurer Mnual Premlum Optlon 1-5500,000 Retalned Llmlt 100°� Total Layer Insurance Premium: $1,126,000 100°� Total Layer Insurance Premfum: $1,448,520 with 2°,6 TRIA Applied share-$403,211 TRIA Premium-$6,064 Total P�emium-$411,275 Terms and Conditions PrlcinglRates 80% Minimum Eamed at Inception Terrlto State of Texas Terrorism TR1A Terrorism offered at additlonal premium noted above. ALAE Follow�s Underlying PoUcy insurer Spectal Exceptlons Any changes to underiy�ng insurance policies must be reviewed by and Referrals Texas Insurance Company Coverage Description ASC 00 02 09 20 Service of Suit ASC 00 03 09 20 Privacy Statement ASC 00 04 09 20 Ciaims Reparting Procedures APX 11 01 05 21 Commercfal Excess Uability Deciarabans APX 12 01 09 21 Commerclal Excess Lfability Coverage Form APX 13 01 09 21 Schedule of Forms and Endorsemenls APX 13 08 05 21 Eoonomic or Trade Sanctions Condition(OFAC) APX 13 09 05 21 Quote Share and SeverabifAy Endorsemenl APX 15 05 05 21 Organic Palhogen Exclusi� APX 15 06 05 21 Cyber Liabiliry ExGusion APX 15 14 05 21 Certified Acts of Terrorism and Other Acts of Terrorism Exclusion (if rejected) APX 15 27 05 21 Dam Failure ExGusion -as expiring for John T. Montford Qam anly ASX 13 01 12 20 Qisdosure Pursuant to Tenorism Risk Insurance Act APX 13 11 12 21 Schedule of Undertying Insurance Manuscript-Eadier Notice of Cancellaaon (9d days) 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 contrect. Please refer to the policy contract for specific terms, conditions, limitations, and exclusions. Proposal date: 03/12/2024 Prepared for City of Lubbock � Confidential. O 2021 USI Insurance Services. All rights reserved. o � 39 Subject�vities Insurer Follow Form Foilow underlying poli�y exctusions wlth additional exclusions noted Excluslons Additfanal Excluslons Cyber Liability, Organic Pathogens, Dam Failure, Certified Acts of Terrorism ff re ected Any �equests Tor amendments to coverage must be made in writing to Applied Specialty Insurance. We wili not amend poticy canditlons prior to the date of written request. Claims Administrator: Claims to be handled by Gallagher Bassett The Claims Administrator may not be changed without prior written approvai f�om Texas Insu�ance Company Applied Specialty Underwriters, LLC is a U_S. domicifed cflrporation and must comply with all U.S. economic and trade sanctions. Applled Specialty Underwrfters, LLC cannot provide coverage, receive premium or pay a claim if doing so would vioiate U.S. econamic and trade sanctions. No coverage provided for Lubbock Power and Light as Gemini Poiicy sub-Ilmits co�erage fo� Lubbock Power and Light under Applied limit Su b)ectivlties attachment. Will add speciflc Lubbock Power and Light exclus�On If Upland binds with exclusion. Will not drop down over the Failure to Supply sub-fimit or any other sub-Iimited covera es nat reflected in the schedule of underl n Per Insured Dam inspectlons for Canyon Lakes Dams 2, 3 and 6 to be scheduled in coming year. By 7l1l24 please conflrm inspectlons ordered and anticipated dates of inspection. Policy will drop down in the event of undenying aggregate erosfon following Upland Scheduled Pesticide or Herbicide Poliution Liabil�ty coverage. Please conflrm Gemini intent to cover (as not scheduled in their quote) and if so Upland conflrmation of intent to follow underlying Pesticide or Herbiclde Pollution Liability coverage. If intent not to cover will amend schedule of underlying accordingiy. 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. This proposal is merely a descriptive summary of coverage provided by the insurence 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: 03/12/2024 Prepared for City of Lubbock � Confidential. �O 2021 USI Insurance Services. All rights reserved. o � 40 Excess Liability — 64.286% of Limit Insurance Company: Policy Term: Coverage: Annual Premium: Upland Specialty Insurance Company 04/01/2024 to 04/01/2025 Provides additional liability limits that are in excess of the limits provided on specified underlying liability policies. $761,280.091ncluding Taxes & Fees (TRIA Declined) . �• . . Limit Per Occurrence $7,000,000 General Aggregate Self-Insured Retention Your covera�e follows the policies listed below unless otherwise noted General Liability Policy Number: PEM000016504 Insurance Carrier: Gemini Insurance Company Policy Term: 04/01/2024 to 04/01/2025 Each Occurrence General Aggregate Auto Liability Policy Number: PEM000016504 Insurance Carrier: Gemini Insurance Company Policy Term: 04/01/2023 to Combined Single Limit Miscellaneous Liabilitv Policy Number: PEM000016504 Insurance Carrier: Gemini Insurance Company Policy Term: 04/01/2024 to 04/01/2025 Cov C— Public Officials, Employment Practices and Employee Benefit Liability Claims Made Retro Date: 09/10/99-Public Officials, Employment Practices and $14,000,000 $0 S3,000,000 $6,000,000 $3,000,000 $3,000,000 Each Claim $6,000,000 Annual Aggregate Employee Benefit Liability Limited Sexual Abuse Liability $2,000,000 Each Act (Claims Made)-Retro Date 04/O3/2022 *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 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: 03/12/2024 Prepared for City of Lubbock � Confidential. OO 2021 USI Insurence Services. All rights reserved. d� 41 Coverage Description Form Number UC TXCN 05 21 UE00010421 UE00030421 Fonn/Endorsement Title Texas Complaint Notice Commercial Excess Liability Deciarations Schedule of Forms and Endorsements UE 00 04 04 21 Schedule of Underlying insurance UE 00 05 04 21 Comrnercial Excess liahility Coverage Form UC TRIA2 02 21 PolicyhoJder Disciosure Notice Of Terrorism Insurance Coverage UC SLTX 1123 UEOODb0421 UE 00 07 04 21 UE 00 09 04 21 CX 2130 Ol 15 UE00110421 UC 00 06 D122 UE00150421 CX 2133 Ol 15 CX 2136 Ol 15 UC 00 04 02 21 UX � 39 02 21 UC 00 02 0122 CX 27 �012 19 CX 02 13 11 13 UC 00 07 02 21 Texas Surplus Lines Notice Exclusion - Cyber Earlfer Notice of Cancellation (90 Daysj F�cclusion - Access or Disclosure of Confldential or Personal Information and Data Related Liability Cap On Losses From Certified Acts Of Terrorism jif Accepted} Exclusion - Communicable Oisease Claims Reporting Procedures Quota Share Endorsement Exclusion Of Certified Ads Of Terrorism (if Rejeded) Excluslon Of Punitive Damages Related To A Certified Act Of Terrorism (if Accepted) U.S. Treasury Department's Office of Foreign Assets Control ("OFAC"j Ad�isory Notice to Policyhalders Policy Change Notice (John T. Montford Dam Exclusion) Service of Suit Underlying Claims-Made Coverage Tezas Changes - Cancellation And Nonrenewal Signature Page 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. PI� 6e a�fWsed: IIi#�ore Isp materfal eharge or u�atato the �adon w6�ith� (hKluding but rm! Wntted to aha�gesln expnsare�, the ssleedwfe of widerlyring, slain�s or poRe�la4.�launs)1he applkaM is re4luFred to adrlse W lattd Sp�tiattY I�wrsnae t�rnpatry Unmedla�teyl aad pdor to 6Eeding oorera�e. Uplar� 5p�ai�lry Unurufoe Lampa+�y malntslr�s !he r{gM with nsped to the und�rwrltingaceeptmce or denlal of tha accaurtin tlw �re�� ai snch maeoetal char�ge in Infnrmation. !n addklon. u�,d spa�tamr u+sun� C�npanY mair�dn� tha dght m ad�e the � and oondlttons snd/or th� Schadul� oi UndRHytn� upon ree�iat oi �e requ�d u�e►Iylne bindees/polidas or written r�quest wbmlli�d b91 Your o�loe. shavid oonflktlns Infonnatbn be reealved. 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 contrect for specific terms, conditions, limitations, and exclusions. Proposal date: 03/12/2024 Prepared for City of Lubbock � Confidential. O 2021 USI Insurance Services. All rights reserved. v � 42