The URL can be used to link to this page

Home My WebLink AboutResolution - 2016-R0338 - Purchase - Arch Specialty Insurance Co - Property Deductible Buyback Excess - 09/22/2016Resolution No.2016-R0338 Item No.6.21 September 22,2016 RESOLUTION BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY 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 deductible buyback excess insurance coverage from Arch Specialty Insurance Company,for a premium amount not to exceed $119,438:and THAT the City Manager may execute any routine documents and forms associated with said insurance coverage. Passed by the City Council this September 22,2016 DANIEL M.POPE,MAYOR ATTEST: ubf&ci Rebefcca Garza.City Secre APPROVED AS TO CONTENT: Leisa Hutcheson,Director of Human Resources and Risk Management APPROVED AS TO FORM: JeTLHartself.Chief Litigation Attorney RES.Risk Mgmt-Arch Specialty Ins.Co. September 15.2016 BROKERAGE OF TEXAS An AmWINS Group Company DEDUCTIBLE BUY BACK QUOTATION INSURED: City of Lubbock MAILING ADDRESS: 1625 13" St P.O. Box 2000 Lubbock, TX 79401-3830 PERIOD: 10/01/2016 to 10/01/2017 (12:01 a.m., Standard Time at the Address of the Named Insured shown above) INSURERS: Primary: AXIS Surplus Insurance Company (Non -Admitted) A.M. Best A+ XV, S&P A+ Excess: Arch Specialty Insurance Company (Non -Admitted) A.M. Best A+ XV, S&P A+ PERILS: Section A: Windstorm or Hail Only Section B: Windstorm Only Excluding Hail INTEREST: Section A: Real Property on 71 locations as per schedule totaling $370,191,462 Section B: Personal Property on 33 locations as per schedule totaling $208,653,866 LIMIT OF LIABILITY: Primary: $5,000,000 per Occurrence and Annual Aggregate for AXIS Primary Participation in Ground Up 100% Program Limit of Liability being 2% per unit of insurance up to $9,500,000 per Occurrence and Annual Aggregate Excess: $4,500,000 per Occurrence and Annual Aggregate excess of $5,000,000 per Occurrence and Annual Aggregate SUBLIMITS OF LIABILITY: Sublimits as per American Home Assurance Company Policy; except: $10,000 Annual Aggregate for Pollutant Cleanup and Removal All are per Occurrence and are part of, not in addition to, the policy limits. DEDUCTIBLE: OPTION 1: I% per unit of insurance, subject to a minimum of $5 00,000 per Occurrence and a maximum of $2,500,000 per Occurrence OPTION 2: 1% per unit of insurance, subject to a minimum of $500,000 per Occurrence and a maximum of $1,000,000 per Occurrence CONDITIONS: Policy Form: AXIS Primary Difference in Conditions Form Coinsurance: N/A Valuation: Replacement Cost 90 days Notice of Cancel lation/Non-Renewal, except 10 days for Non -Payment of Premium 35% Minimum Earned Premium at inception of coverage AXIS Manuscript Endorsement Exclusions: Asbestos, Mold/Fungus, Terrorism, Cyber, Pollution, Nuclear, Biological, Chemical, and as more fully described in policy. Arch Specialty Excess Follow Form, including mandatory company endorsements PREMIUM: OPTION 1: $349,999.65 AXIS Surplus Insurance Company $111,562.50 Arch Specialty Insurance Company $461,562.15 Total Premium Including Taxes & Fees OPTION 2: $420,058.80 AXIS Surplus Insurance Company $119.437.50 Arch Specialty Insurance Company $539,496.30 Total Premium Including Taxes & Fees INFORMATION: Total Insurable Values: Section A: $370,191,462 Real Property Only Section B: $208,65' .3 ),866 Personal Property Only Grand Total: $578,845,328 The basis of the Section A values includes qualifiers. We are only including locations with a roof age of 2001 or newer and that have a value of $500,000 or greater. There are 71 locations meeting these qualifications. Section B is comprised of '33 locations with Contents values only. There are no qualifiers set on these properties as they were isolated by the insured. Loss History: As provided by Wells Fargo Insurance Services USA, Inc. Scoff Wolf Executive Vice President I AmWINS Brokerage of Texas, Inc. T 214.561.6854 1 M 469.222.1877 1 F 214.528.9101 1 scott.wolf@amwins.com 5910 North Central Expressway I Suite 500 1 Dallas, TX 75206 1 arnwins.corn In California: AmWINS Brokerage of Texas Insurance Services I License No.: OF41749 An AmWINS Group Company IMPORTANT NOTICE: THE NONADMITTED & REINSURANCE REFORM ACT (NRRA) WENT INTO EFFECT ON JULY 21, 2011. ACCORDINGLY, SURPLUS LINES TAX RATES AND REGULATIONS ARE SUBJECT TO CHANGE WHICH COULD RESULT IN AN INCREASE OR DECREASE OF THE TOTAL SURPLUS TAXES AND FEES OWED ON THIS PLACEMENT. IF A CHANGE IS REQUIRED, WE WILL PROMPTLY NOTIFY YOU. ANY ADDITIONAL TAXES OWED MUST BE PROMPTLY REMITTED TO AMWINS. SURPLUS LINES DISCLOSURE Texas This insurance contract is with an insurer not licensed to transact insurance in this state and is issued and delivered as surplus line coverage under the Texas insurance statutes. The Texas Department or Insurance does not audit the finances or review the solvency of the surplus lines insurer providing this coverage. and the insurer is not a member of the property and casualty insurance guaranty association created under Chapter 462 Insurance Code. Chapter 225. Insurance Code, requires payment of a 4.85 percent tax on gross premium. Surplus Lines Licensee Name: AmWINS Brokerage orTexas. Inc. IMPORTANT NOTICE To obtain information or make a complaint: You may contact the Texas Department of Insurance to obtain inforrnation on companies. coverages. rights or complaints at 1-800-252-3439 You may write the Texas Department ofInsurance: Post Office Box 149104 Austin, Texas 78714-9104 Fax: 512490-1007 Web: http://www.tdi.texas.gov E-mail: ConsumcrProtection(titd i. state. tx. us PREMIUM OR CLAIM DISPUTES: Should you have a dispute concerning your premium or about a claim you should contact the agent first. If the dispute is not resolved. you may contact the Texas Department of Insurance. ATTACH THIS NOTICE TO YOUR POLICY: This notice is for infon-nation only and does not become a part or condition of the attached document. AVISO IMPORTANTE Para obtener informacion o para someter una queja: Pucde comunicarse con el Departamento de Seguros de Texas para obtener informacion acerca de companias, cobertu ri, derechos o que.las al: 1-800-252-3439 Puede escribir al Departamento de Seguros de Texas: Post Office Box 149104 Austin, Texas 78714-9104 Fax: 512-490-1007 Web: http://www.tdi.texas.gov E-mail: ConsurnerProtection @ tdi.state.tx.us DISPUTAS SOBRE PRIMAS 0 RECLAMOS: Si tiene una disputa concerniente a su prima o a un reclarno. debe comunicarse con el agente primero. Si no se resuelve la disputa, puede entonccs comunicarse, con el departarnento (TDI). UNA ESTA AVISO A SU POLIZA: Este aviso es solo para proposito de informacion y no se convierte en parte o condicion del documento adjunto. CERTIFICATE OF INTERESTED PARTE EiS FORM1295 I orl Complete Nos. I - 4 and 6 if there are interested parties. Complete Nos. 1, 2, 3, 5, and 6 irthere are no interested parties. OFFICE USE ONLY lCertificate CERTIFICATION OF FILING Number: I Name of business cutTt—y riling rorm, and (lie city, state and country of the business entity's place or business. AXIS Surplus Insurance Company 2016-115896 Atlanta, GA United States Date Filed: 09/23/2016 2 Name of governmental entity or state agency that Is a pRrty to the contract for which the form is being filed. City of Lubbock Date Acknowledged: 3 Provide the Identification number used by the governmental entity or state agency to track or Identify the contract, and provide a description of the services, goods, or other property to be provided under the contract. 13078 Property Insurance Deductible Buyback Primary 4 Nature of interest Name of Interested Party City, State, Country (place of business) (check applicable) Controlling Intermediary Sanford, Douglas Lubbock, TX United States X Wolf, Scott Dallas, TX United States X AXIS Capital Holdings Limited Bermuda Ultimate Parent 5 Check only If there Is NO Interested Party. 6 AFFIDAVIT J)A RVe I swear, or affirm, under penalty of pedury, that the above disclosure is true and correct. vot ON 0 WARV ;0\ 4 j V�c 0 Ole P1 8 �* 4 .. z A F- I& -a A % lom 0 §ig?!��uthori of contracting business entity 6, /", C 0 U VAA AFFIX NOTARY S?AY�Rj4,%jA&%BOVE Swom to befbre 641 and subscribed d me, by the sai this the day of 1 2 to certify which, witness my hand and seal of office. Signature otofficer administering Printed name of officer administering oath Title of officer administering oath 999#4 F5%#TgU%,W Wy AT.-,&UD jr�tlttvb %-Uj111111551UH www.einics.siateax.tis Version V 1.0.277