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Home My WebLink AboutResolution - 2024-R0126 - Property Insurance, Underwriters At Lloyd's London, 4/1/24 To 4/1/25 - 03/26/2024Resolution No. 2024-R0126 Item No. 5.13 March 26, 2024 RESOLUTION BE IT RESOLVED BY THE CITY COUNCIL OF THE CI1'Y OF LUBBOCK: THAT the Mayor of the City of Lubbock is hereby authorized and directed to purchase for and on behalf of the City of Lubbock, property insurance coverage with Lloyds-HCC Insurance; Lloyds-Fidelis Insurance; StarStone Specialty Insurance; Sutton Specialty Insurance; Lexington Insurance; Fidelis; Arch Specialty Insurance; Palms Specialty Insurance; Evanston Insurance Company; Kinsale Insurance Company; Axis Surplus Insurance Company; James River Insurance; Texas Insurance Company; Trisura Specialty; Harleysville Insurance Company of New York; Mitsui Sumitomo; Landmark American Insurance; and AXA XL Insurance Companies, for a premium amount not to exceed a rate of 0.3016 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 APPROVED AS TO CONTENT: ��- --- -- - - -- D. Blu Ko � lich, Chie inancial Officer APPROVED AS TO FORM: Z� ]e a se 1, Deputy City Attorney vw:ccdocslRES.Risk Mgmt-Property Insurance Coverage March 14, 2024 Resolution No. 2024-R0126 Property - Blanket Insurance Company: Policy Term: Coverage: Annual Premium: Underwriters at Lloyd's London 04/01/2024to 04/01/2025 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. $2,985,295.70 Including SL Taxes & Fees Primary — StarStone Specialty Insurance Company Descrlptlon of Operatlons: MunlGpallty Total Insured Values: $989.932,789.00 per schedule on Ffle with the Company Covered Perlls: Coverage: LImR ot Llablllty: All Rlsks of dlrect physlcal loss or damage induding Flood and Earthquake, but exGuding Equipmeni Breakdown Real and Personal Property Bus(ness Interruptlon--Gross Eamings/Extra Expense Md as more fully defined in the policy fiorm $2,500,OQ0.00(25.00%) part of $10,000,000.00 per occurrer�ce Sublimits: Stated sublimits are 100°!o program and Starstone is only responsible for its pro-rata share. The sublimits of liability stated below are the specified limits of liability, per occurrence, unless otherwise indicated. See Addendum A Deductible: Each claim for loss or damage under this shall be the subject to a per occurrence deducUble amount of: 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. c0 2021 USI Insurence Services. All rights reserved. vi �} $250,000 per occuRence except as follows- With respect to Flood: $250,000 per occurrence, except as follows: $500,000 per Bufiding, plus $500,000 Contents per Building, pfus $100,000 Time Element per OccuRence for locations that are wholly or partially within High Hazard Flood Zones With respect to Earth Movement: $25U,000 per occuRence, except as follows: No Coverage for locations in Califomia, Alaska. Hawaii, Puerto Rico, New Madrid Earthquake Zone Countfes, and Padflc Northwest Earthquake Zone Countles. With respect to Windstorm or Hafl: $500,000 per occurrence With respect to Airport Buildings: Bldg ID #154 - LIA Hanger Building #310 (Chaparral� 5417 N. Walnut: $50.000 per occurrence Bldg ID #204 - LIA Hanger #32 (G&G Avionicsr 5902 N. Cedar. $50,000 per occurrence Bidg ID #292 - LIA Warehouse Building #710 (Nortec) - 2828 E_ Dubuque: $50,000 per occurrence Bidg ID #294 - LIA Warehouse Building #714 {Marco)- 5fi12 N. David Avenue: $50,000 per occurrence Bldg ID #295 - LIA Warehouse Buflding #716 (Marco Steel) - 5618 N. David Ave.: $50,000 per occurrence With respect to ConUactor's Equipment: $25,000 per occurrence (applies to equipment less than $250,000 in value) $50,000 per occurrence (applies to equlpment valued at $250,000 or greater) With respects to Automobile Physical Damage - Covered Vehlcles Over the Road $250,OQ0 per occurrence With respect to Time Element: 24 Hours Co-Insurance: NIL Additional Terms and Conditions: . ThFs quote expires the eahier of the effective date or 30 days from the date of this quote. 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. v I 1� • 35°�6 Minimum Eamed. IMnd Minimum Eamed Premium to apply for 7ier 1 or 2 locations. • P�emium to be paid in full within 30 days of inceptfon. • 90 days' notice of cancellaUon, except 10 days' notice for non- payment of premium • Receipt of signed Terrorism Disclosure Notice required at binding. . No new business or increased coverage on in-force business will be bound during issued Moratorlum. • New Locadon(s) added to this Policy may be subJect to separate rating and/or may require higher deducUbles. • StarStone reserves lhe right to modify the flnal terms and condttlons upon review ot the completed applicatlon and any other intormatton r�equested by the underwriter herein. Ii such material change in the risk Is discovered after binding, the insurance coverage will be void ab iniUo ("from the beginning"). • It is the responsibility of the Broker to collect and pay all Surplus Lines Taxes based on state tax requi�ements. . To report a claim, contact the Company at (201) 743-7700 or send an email to: n a e cl !ms ore ecfaf .com • Commiss�on cannot be netted down without written approval from Underwrtter prio� to binding. Lead Carrler (f( applicab(e): Zurich/London Policy Form: CSI-CPF-600-0622 Starstone Co-lnsu�ing Form Endorserrsents: CSI-CPN-201-0720 Cover Page Surplus Lines Palicyholder Notlflcations (form number applied at issuance upon conflrmation of home state) CSt-CSN-812-0720 Texas Policy Holder Nodfication CSI-CPD-103-0622 Co-lnsuring Form Policy DeclaraUons CSI-CPN-202-0720 Forms and Endorsement Schedule CSI-CPN-203-0720 Pollcy Holder Notlfcatian — Fraud Notice CSI-CPN-204-0720 Policy Holder Notlflcatfon - OFAC CSI-CPN-205-1123 Notice of Clalms Reporting CSI-CPN-206-0720 Notice of Privacy Policies and Practices CSI-CPE-001-1123 OccuRence Limlt of Uability Endorsement CSI-CPE-003-1123 Asbestos Coverage Endorsement CSI-CPE-004-1123 Mold, Mffdew, and Fungi Exclusfon Endorsement CSI-CPE-005-1123 Pollutian Endorsement (Sublimited) CSI-CPE-006-1123 M(nimum Eamed and Wind Minimum Earned P�emium Endorsement CSI-CPE-D07-1123 Equipment Breakdown Exclusion Endorsement CSI-CPE-010-1123 Terrorism Exclusion Endorsement CSI-CPE-033-1123 Nuclear. Bfological, Chemical, and Radialogical Exclusion Endorsement CSI-CPE-034-1123 War and Wahike Action Exclusion Endo�sement 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 Insurance Services. All rights reserved. e� 13 CSI-CPE-03&1123 TRIA Acceptance Endorsement CSI-CPE-037-1123 Service of Sult CSI-CPE-03&1123 Joint Loss Agreement CSI-CPE-039-1123 TRIA Rejecdon Endorsement CSI-CPE-04&1123 Several Liability Endorsement CSI-CPE-054-1123 Pre-Existing Damage Exclusion Endorsement CSI-CPE-050-1123 R�f Valuation Endorsement — 15 Years CSI-CPE-05&1123 Property Communlcable Disease Exclusion CSI-CPE-059-1123 Property Cyber Exclusion Endorsement Addendum A $50,000,000 $ 5,000,000 �50,OOO,Q00 $ 5,000,000 $ 100,000 $10,000,000 $ 2,5Q0,000 $ 1,000,000 $ 2,500,000 $ 750,Q00 $ 2,5Q0,000 $ 250,000 Included $ 10,000,000 $ 10,000,000 $ 5,000,000 $ 5,000,000 Per Occurrence and Term Aggregate as respects Flood except; Per Occurrence and Term Aggregate as respects Ftood occurring within Special Flood Hazard Areas (SFHA), areas of 100-Year Flooding, as deflned by the Federal Emergency Managemen! Agency, (ncluding backup oi sewers and drains Per Occurrence and Term Aggregate as respects Earthquake (Excludes Califomia, Alaska, Hawali, Puerto Rico, New Madrid Earthquake Zone Countles, and Paciflc Northwest Earthquake Zone CounUes) Accounts Receivable Arson or TheR Reward Automobfle Physical Damage — owned or leased vehicles located at or within 1000 feet of the covered locadon Automobfle Physical Damage — covered �ehicles while over the road Brands and Labels Building Materiats at ofi premises storage for property under construction Contractors Equ(pment — per item subject to max per occuRence subtimit oi $10,000,000 Debris Removal or 25qo of direct physical damage to covered property, whiche�er is less Deferred Payments Demolition and Increased Cost of Construction: Demolitlon Coverage A(For the loss in value oi the undamaged portlon of the building as a consequence of enforcement of an ordinance or law that requfres demolitlon ot undemaged parts of the same Duflding) Demolitlon and Increased Cost of Gonstruction: Dsmolltion Coverage B(For the cost to demolish and dear the sire of undamaged parts of the same bullding. as a consequence af enforcement of an ordlnance or law that requires demolition of such undamaged property) DemoliUon and Increased Cost of Construction: DemollUon Caverage C(For the increased cost of repair or reconsVucUon of the damaged and undamaged property on the same or another sile, limited to the cost that would have been incuRed in order to comply with the minimum requirements oi such law or ordinance regulating the repair ot reconstructlon of ine damaged property of the same site. However, this Company shall not be liable for any Increased cost of construction loss unless the damaged property Is actualry rebuilt or replaced) Errors and Omissto�s Expeditlng Expenses 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. O 2021 USI Insurance Services. All rights reserved. bl �K $ �,oao,000 $ 1,OQ0,000 $ 500,000 $ 250,000 $ 1,000,000 $ 1,000,000 $ 100,000 $ 5,000,000 $ 50,000,000 $ 500,000 Included $1,000,000 $1,000,000 $ 250,000 $ 5,000,000 $ 100,000 $ 500,000 $ 5,000,000 $ 2,500,000 $ 1,000,000 $1,000,000 $5,000,000 Fairs and Exhibitions Flne Arts ($f00,000 per item IfmitaUon) Fire Brigade Charges & Extinguishing Expenses Fungus, Mold ar Spore Installation Coverage Land � Water Clean-Up Locks 8� Keys Miscellaneous Unnamed locations Newly Acqulred Property Outdoor Praperty Pairs or Sets Personal Property Not at a Covered Location Preservation ot Property per occurrence and term aggregate. 48 hour Iimitadon applies. Professlonal Fees Property in the Course of Constructlon. P�operty Removed from a Cover�ed Location Salespersons Samples Service Interruptlon Spoilage Transft Upgrade to Green Construction. 25°� of amount payable for direct physical loss or damage, subject to maximum of $1,000,000. This (ncludes any Time Element loss attributed to Upgrade to Green. Valuable Papers and Records Sublimlts Appllcable to Addltlonal Time Element Coverages (part of and not In additlon to the Pollcy Limlt) Not Covered Attraction P�operty (30 days) $ 100,000 Contractuat Penaltfes Not Covered Crlsis Management (30 days) $ 25,000,000 Extra Expense $ 1,000,000 Ingress 8� Egress (30 days} with 5 mile distance limitatfon $ 1,000,000 Interruptlon by Civil or Military Authority (30 days) with 5 mile distance Ifmitation $ 100,000 Loglstics Extra Cost $ 1,000,000 Rental Value $ 100,000 Royalties $ 1,000,000 Servfce Interruption (�ualifying Period: 24 hrs) $ 1,000,000 Soft Costs 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 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. O 2021 USI Insurence Services. All rights reserved. ,j is