HomeMy WebLinkAboutResolution - 2003-R0473 - Resolution Approving Transfer Of Interest Coverage - 10/23/2003Resolution No. 2003-RO473
October 23, 2003
Item No. 20
RESOLUTION
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
THAT the City Council of the City of Lubbock does hereby approve for and on
behalf of the City of Lubbock, an endorsement by Royal Indemnity Insurance to
transfer its $260,000,000.00 interest of the City of Lubbock's property insurance
coverage to RSUI (Resurgens Specialty Underwriters, Inc.).
Passed by the City Council this 23rd day of
ATTEST:
Rebe ca Garza, City Secretary
APPROVED AS TO CONTENT:
Leisa Hutcheson, Risk Manager
APPROVED AS TO FORM:
Wmy Sirn• 449taICity Atto&ey
ke/gs/ccdocs/Res.Agrmnt-Royal Indemnity Ins Transfer
October 16, 2003
October .2003.
AL, MAYOR
I3
ROYAL &
---: SUNALLiANCE..
2003 - P 6 qj?
This Endorsement Changes The Policy. Please Read It Carefully.
ASSUMPTION OF LIABILITY
For value received, the undersigned Reinsurer hereby agrees that in the event the Reinsured Company is
declared insolvent by a court of competent jurisdiction and fails to pay any loss payable under this policy,
occurring on or after , within the time agreed upon by the policy, the undersigned Reinsurer will immediately
become liable for 100% of any loss payable under the identified policy.
The Reinsurer will pay any such loss payable directly to the Named Insured and to any Mortgagee or Beneficiary
under any present or future mortgage or trust deed, as their respective interests may appear, subject always to
the terms and conditions of the policy. As a condition precedent to payment hereunder, the Reinsurer shall be
subrogated to all rights, if any, of the Insured and Mortgagee or Beneficiary to the extent of such payment.
❑ Royal Indemnity Company
❑ Royal Surplus Lines Insurance Company
(Reinsured Company)
u horized Representative
RSUI 4404 1003
RSUI Indemnity Company
(formerly known as Underwriters Reinsurance Company)
(Reinsurer)
Authorized Representative