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HomeMy WebLinkAboutResolution - 2014-R0298 - Purchase - Property Insurance - Zurich American Insurance Company - 09/04/2014Resolution No. 2014-RO298 September 4, 2014 Item No. 2.11 RESOLUTION BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK: THAT the Mayor of the City of Lubbock or his designee is hereby authorized and directed to purchase for and on behalf of the City of Lubbock, property insurance by and between the City of Lubbock and Zurich American Insurance Company in the amount of $50,000,000 insurance coverage for Montford Dam, pursuant to the terms and conditions attached hereto as Exhibit "A," and in a final form acceptable to the City Manager and City Attorney for a total premium in an amount not to exceed $107,984; and THAT the City Manager or designee may execute any routine documents and forms associated with said insurance coverage. Passed by the City Council on September 4, 2014 W4 N MAYOR ATTEST: Rebe ca Garza, City Secret APP OV : AS TENT: Leisa Hutcheson, Director of Human Resources and Risk Management APPROVED AS TO FORM: Jeff s ;Assistant City Attorney vwccdocs/Res.Risk Mgmt-Zurich American Ins. August 27, 2014 Commercial property - John T. Montford Dam Named insured: City of Lubbock Insurance carrier: Zurich American Insurance Company - Admitted A.M. Best Rating A + XV as of 2014 Policy number: TBD Policy term: October 1, 2014 to October 1, 2015 Premium: $ 107,984 including Terrorism premium charge of $2,117 Coverage: This policy insures against direct physical loss or damage to Real & Personal Property from a covered cause of loss and any resulting Loss of Revenue as more fully defined within the Policy. See attached schedule for locations to be covered. Policy form: Special Form Perils covered: Perils here. Risk of direct physical loss, subject to named policy terms, conditions and exclusions. Includes Equipment Breakdown. Total insured value: $ 72,005,179 John T. Montford Dam Limits of Liability $ 50,000,000 Physical Damage Coverage to the Covered Property NCP Loss of Revenue $ 50,00o Accounts Receivable 14 days Interruption by Civil or Military Authority $ 500,00o Expediting Expense $ 500,00o Extra Expense $ 5,000,00o Debris Removal Coverage (or 25% of the amount of insured physical loss of or damage to covered property, whichever is less) $ 100,00o Fire Department Service Charges 14 days Ingress and Egress $ 100,00o Loss Adjustment Expense $ 500,00o Newly Acquired Locations $ 1,000,00o Ordinance of Law/Demolition or Increased Cost of Construction $ 2,500,00o Transit - any one conveyance $ 25,000 Valuable Papers & Records $ 50,000,00o Terrorism Annual Aggregate Limit: The maximum amount the Company will pay for loss or damage in any one occurrence, and/or in the aggregate annually for loss or damage from all occurrences, shall not exceed the following amounts $ 10,000,00o By the peril of Earthquake $ 10,000,00o By the peril of Flood $ 10,000,00o By the peril of Named Peril Deductible: $ 2,000,000 Physical loss of or damage to covered property unless otherwise shown below This proposal is merely a descriptive summary of coverage provided by the insurance companies being proposed and should be used for reference purposes only. This is a quotation of coverage only. It is not a binder. This proposal does not amend or alter the insurance contract. Please refer to the policy contract for specific terms, conditions, limitations, and exclusions. Proposal date: 8/25/2014 Prepared for City of Lubbock Confidential. © 2014 Wells Fargo Insurance Services USA, Inc. All Rights Reserved. Page 25 Commercial property - JohnT. Montford Dam Deductibles (continued) $ 25,000 Physical loss of or damage to surveillance equipment $ 2,000,000 As respects to Earthquake $ 2,000,000 As respects to Flood $ 2,000,000 As respects to Named Storm NCP Days Waiting - Loss of Revenue Schedule of locations Loc # Address Total Insured Value 1 Lake Alan Hen /John T. Montford Dam 1 $69,120,000 2 Structure/Building - 3904 Lake Alan Henry, Justiceburg, TX 79330 This proposal is merely a descriptive summary of coverage provided by the insurance companies being proposed and should be used for reference purposes only. This is a quotation of coverage only. It is not a binder. This proposal does not amend or alter the insurance contract. Please refer to the policy contract for specific terms, conditions, limitations, and exclusions. Proposal date: 8/25/2014 Prepared for City of Lubbock Confidential. © 2014 Wells Fargo Insurance Services USA, Inc. All Rights Reserved. Page 26