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Home My WebLink AboutResolution - 2024-R0125 - Property Terrorism Insurance, Underwriters At Lloyd’S Of London - 03/26/2024Resolution No. 2024-R0125 Item No. 5.12 March 26, 2024 RESOLUTYON BE IT RESOLVED BY THE CITY COUNCIL O� THE CrTY 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, property terrorism insurance coverage from Underwriters at Lloyds of London, for which the premium amount shall not exceed a rate of 0.0033 per $100.00; and THAT the City Manager may execute any routine documents and forms associated with said insurance coverage. Passed by the City Council on March 26, 2024 ` ['1ZAY 1;, pr�IAYOR ATTEST: Courtney 'az, City Secretary APPROVED AS TO CONTENT: 1 - ❑. oste 'ch, Chief Financial Officer Ai'1'ROVED AS TO FORM: ��'�� f sell, Deputy City Attorney vw:ccdocslRES.Risk Mgmt-Underwriters at Lloyds [Terrorism Ins] March 14, 2024 Resolution No. 2024-R0125 Terrorism — Foreign & Domestic Threats (Property) Insurance Company: Underwriters at Lloyd's London Policy Term: 04/01/2024 to 04/01/2025 Coverage: ' Property insurance covers your interest against direct physical loss or damage by covered perils to named property that you own or are required to insure. See attached schedule for covered locations. Annual Premium: $33,116.92 Including Taxes & Fees (0.0033 Rate) General Terms 8 Conditions 1. Annual Term 2_ 100°k Lloyd's syndlcate paper whlch is rated A by A.M. Best F�nancial S�ze Category is Class XV. 3_ General Terms and CondiUons TR5 P0001 CW (09-17) applies to this poBcy In conjunction wlth the specific wording detalled 1n each seclian below. 4. Attached endorsements apply: E2007_S - Lloyd's Syndicate (33) Endorsement, E2010.1 - Premlum Payment Clause (Reinsurance), E2013.2 - Service of Sult Endorsement, E201T.3 - Policyholder DlsGosure Notice of Terrorism Insurance Cover, and E2Q81.1 - Amend War Excluston Endorsement �uotation Premium Summarx Carer�e Part Leyer LIrMt of Liabllity La�►er Pramtum Ml�cox Partlaipat�n Terrorism and Sabotege $ 50,000,000 Per Oc�currence / 24,073 100°,b $ 50,000,000 Aggregate Excess of_ N!A dive Shooter and Mallaous Attack 1,000.000 Per Occurrence I 7,500 100% $ 1,000,000 Aggregate Excess of: WA Hiscox Per Occurrence Aggregate Limit ot Liability tor Above Coverage Parts: 5Q,OU0.000 For details about eny applicable quota shere errangement, pJease see the correspondrng Coverage Pari below. Quotation Details: Municipalities Terrorism and Sabotage Coverage Part: TRS P0005 CW (07-19) Hlsoox Participadon: 100% Hiscox Munldpalities Terrarism and Sabotage Limit of Liabil+ty: $ 50,000,000 Per Occurtence ! S 50,Q00.000 Aggregate Total Insured Value: S 989,932,289 Business Interruption Sublimit S 0 Civll or Military Authorfty Sublimlt $1,d00.0�, 30 Day(s), and 1 Mfle(s) Debns Removal Expenses Sublimit $ 250,000 Decantamination Costs Exduding NCBR Subllmit $ 250r000 Demolition and Increased Cost of Conswction Sublimit $ 1,000,000 Errors and Omissions Subllmit $ 250,000 Electronic Data Prooessmg Media Sublim�t $ 1,000,000 Extended Peri� of Indemnity Subltmit $ 6 and 180 Day(s) Flne Art Sublimit $ 250,000 IngresslEgress Sublimit $ 1,000.000, 30 Day(s), and 1 Mile(s) This proposal is merely a descriptive summary of coverege 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. c0 2021 USI Insurance Services. All rights reserved. � I 35 Preservation of Property Subifmit Pro(essional Fees Sub►imlt Relocation Expense Sublimk Service Intem�ption Sublimrt Transit Subiimlt Valuable Papers Sublimit Accounts Receivable Sublimd Asbestos Subllmit Automatic Coverage SubOmit Commissions, Profits, and Royalties Sublimit Contlngent Business InterrupGon — Named Suppl�ers/Customers Sublimit ConUngent Business Interrupdon — Unnamed SuppHerslCustomers Sublimit Delay in Slarlup Costs Sublimit Fire Protective Systems Sublim�t Green Building Addrt�onal Expense Sublimit Key and Lock Expense Sublimit Lendsceping Sublim�t Leasehold Interest Sublimit Loss of Attraction Sublimit Mlscelleneous Unnamed LocaGons Sublimit Newly Acquired Locauons Subllmit Property In Course of Construction Sublimit Rental Income Sublimit Soft Costs Subllmit Deductible: Wait(ng Period: Municipalities Terrorism and Sabotage Premium: Endorsements: $ 25Q,000 810,000 $ 250,000 $ 250,Q00 S 10,000 $0 S 0, 0 Day(s), and 0 Mile(s) $ 1.000,0� and 30 Day(s) $1,600.OQ0 and � Day(s) $ 1,000,000 SO $ 250,000 SO 0 Haur�s) S 24,073 NONE Llnless othenvise specd'ied, eff subfim/ts l�sted a6ove appfy on a per occumence basis and ere a peR of, and not in eddltion to, the Municipaldies Tenonsm end Sabotage l�mN of liebdity. Active Shooter and Malicious Attack Coverage Part: TR5 P0012 CW (03-23) Hlscox Participation: Hlsoox Active Shooter and Maliaous Attack Limit of Liabil�ty: Total Insured Value: Addidonal Security Measures Sublimit Counseling SubHmit Public Relations Costs Sublimit Miscellaneous Crisis Management Expenses Sublimit 1 b0°k � t,OQ0,000 Per Occurrence / $1,000,000 Aggregate S 959,932,289 $ 250.b00 $ 250.Q00 Deductible: Waiting Period: AcUve Shooter and Mal�cious Attadc Premium: Endorsements: $ 250.000 $ 250,000 SO 0 Hour(s) $ 7,500 NONE Unfess oiherwise speclffed, aU subfimrts l�sfed ebove epply on a per occumence basis and are a part of, and not in edditian to, the Actrve Shooter end Maficiolis Attack lrmit of liability. 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. $ 25U,000 $ 250,000 $ 250.000 $1,000,000, 30 Day(s), and 1 Mile{s) $ 250,000 $ 250,Q00 $ 250,000 $ 500,000 $ 1,000.000 and 30 Day(s) $ 250.000 SO SO Proposal date: 03/12/2024 Prepared for City of Lubbock Confidential. O 2021 USI Insurance Services. All rights reserved. �' I 36 Excluded coverage or other coverages sought may be available: please discuss with U51 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. 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. , � 37