HomeMy WebLinkAboutResolution - 2003-R0047 - Purchase Of Terrorism Coverage For City Of Lubbock - Lloyds Insurance Co. - 01/23/2003Resolution No. 2003-R 0047
January 23, 2003
Item No. 50
RESOLUTION
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
THAT the Mayor of the City of Lubbock BE and is hereby authorized and
directed to purchase terrorism coverage for and on behalf of the City of Lubbock, to be
added to the existing property coverage by and between the City of Lubbock and Lloyds
Insurance Company, and related documents.
Passed by the City Council this 23rd
ATTEST:
Rebecca Garza, City Secretary 14
APPROVED AS TO CONTENT:
Mary House, irector of Human Resources
APPROVED AS TO FORM:
ohn
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January 14, 2003
City Attorney
day of January , 2003.
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MARC M / UGAL, MAYOR
Resolution No. 2003—R0047
January 23, 2003
Item No. 50
POLICY HOLDER DISCLOSURE
NOTICE OF TERRORISM
INSURANCE COVERAGE
You are hereby notified that under the Terrorism Risk Insurance Act of 2002, effective November 26,
2002, that you now have a right to purchase insurance coverage for losses arising out of acts of
terrorism, as defined in section 102(9) of the Act. The term "act of terrorism" means any act that is
certified by the Secretary of the Treasury, in concurrence with the Secretary of State, and the Attorney
General of the United States - to be an act of terrorism; to be a violent act or an act that is dangerous
to human life, property; or infrastructure; to have resulted in damage within the United States, or
outside the United States in the case of an air carrier or vessel or the premises of a United States
mission; and to have been committed by an individual or individuals acting on behalf of any foreign
person or foreign interest, as part of an effort to coerce the civilian population of the United States or
to influence the policy or affect the conduct of the United States Government by coercion. Coverage
under your existing policy may be affected as follows:
ANY IN -FORCE TERRORISM EXCLUSIONS FOR ACTS OF TERRORISM, AS DEFINED IN THE
ACT, ALREADY CONTAINED IN YOUR POLICY OR INCLUDED IN AN ENDORSEMENT ARE
NULLIFIED AS OF NOVEMBER 26, 2002.
;;, YOU SHOULD KNOW THAT ANY COVERAGE PROVIDED BY THIS POLICY FOR LOSSES
CAUSED BY CERTIFIED ACTS OF TERRORISM IS PARTIALLY REIMBURSED BY THE UNITED
STATES UNDER A FORMULA ESTABLISHED BY FEDERAL LAW. UNDER THIS FORUMULA,
THE UNITED STATES PAYS 90% OF COVERED TERRORISM LOSSES EXCEEDING THE
STATUTORILY ESTABLISHED DEDUCTIBLE PAID BY THE INSURANCE COMPANY PROVIDING
THE COVERAGE. THE PREMIUM CHARGED FOR THIS COVERAGE IS PROVIDED BELOW AND
DOES NOT INCLUDE ANY CHARGES FOR THE PORTION OF LOSS COVERED BY THE
FEDERAL GOVERNMENT UNDER THE ACT.
SELECTION OR REJECTION OF TERRORISM INSURANCE COVERAGE
UNDER FEDERAL LAW, YOU HAVE THIRTY (30) DAYS TO CONSIDER THIS OFFER OF
COVERAGE FOR TERRORIST ACTS AND SUBMIT THE PREMIUM REQUIRED. IF WE DO NOT
RECEIVE THE QUOTED PREMIUM BY ? CA - c -s-, . , THE TERRORISM EXCLUSION
NULLIFIED BY THE ACT WILL BE REINSTATED ON NOVEMBER 26, 2002, AND YOU WILL NOT
BE COVERED FOR LOSSES ARISING FROM TERRORIS ACTS THAT WERE PREVIOUSLY
EXCLUDED.
olicy olds ppli ant's Signature
Marc McDougal, Mayor
Print Name
January 23, 2003
Date
Various Underwriters at Lloyd's
Insurance company
Policy Num
I hereby elect to purchase Terrorists coverage for a prospective premium of
I hereby elect to have the exclusion for terrorism coverage reinstated. I
understand that I will have no coverage for losses arising from acts of terrorism
that were Previouslyeircluded.
olicy olds ppli ant's Signature
Marc McDougal, Mayor
Print Name
January 23, 2003
Date
Various Underwriters at Lloyd's
Insurance company
Policy Num
ATTEST:
Rebecca Garza, City Secretary
APPROVED AS TO FORM:
n Knight,'AigrisfihkItity Attorney
APPROVED AS TO CONTENT:
Mary House; Director of Human Resources