HomeMy WebLinkAboutResolution - 2013-R0288 - Purchase - Boiler And Machinery Insurance - Hartford S&B Inspection & Insurance - 09/10/2013Resolution No. 2013-RO288
September 10, 2013
Item No. 5.21
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, boiler and machinery insurance
coverage from Hartford Steam & Boiler Inspection and Insurance Company, for a
premium amount not to exceed rates of .05331$100; and
THAT the City Manager may execute any routine documents and forms
associated with said insurance coverage.
Passed by the City Council this September 10, 2013
J, � �/Z -
GL . kOBERTSON, MAYOR
ATTEST:
Reb cca Garza, City Secret
APPROVED AS TO CONTENT:
c�/
Leisa Hutcheson. Director of Human Resources
and Risk Management
APPROVE AS TO FORM:
Chad Weaver, Assistant City Attorney
RES.Risk Mgmt-Hartford Steam & Boiler Ins.
August 26, 2013
Resolution No. 2013—RO288
Wells Fargo Insurance Services
Boiler and Machinery
Insurance Carrier: Hartford Steam Boiler
Carrier Rating: A++ X as of October 17, 2012 per A.M. Best
Policy Term: 10/01/2013 to 10/01/2014
Coverage: Equipment Breakdown Coverage -See Policy Form
Admitted/ Non -admitted: Admitted
TIV: $ 867,882,374
Limits of Liability: $
50,000,00o
Equipment Breakdown Limit
$
Included
Property Damage
$
Excluded
Off Premises Property Damage
$
5,000,00o
Business Income & Extra Expense
$
100,00o
Service Interruption
$
No Coverage
Contingent Business Income & Extra Expense
$
100,00o
Perishable Goods
$
100,00o
Data Restoration
$
100,00o
Demolition
$
100,00o
Ordinance or Law
$
250,00o
Expediting Expenses
$
100,00o
Hazardous Substances
$
2,500,00o
Newly Acquired Locations
$
Included
Errors and Omissions (Subject to Conditions)
Deductible Description
The deductible applies only to a coverage for which an amount, hours, days or the word INCLUDED is
shown. If INCLUDED is shown, the deductible for that coverage is part of the Combined Deductible.
$25,000 Per Incident
- Except Transformers, $25/KVA, min: $1.50 per KVA, Minimum of $25,000
- Except Electrical Generating Equipment: $500,000
Indirect - 24 hours
Deductible Exceptions:
Power Generating Stations $100,000
Steam and Gas Turbines and Driven Generators - $250,000
Cook #2 54.3 MW Turbine or Generator - $350,000
Messengale #8 43 MW Turbine or Generator - $500,000
This Coverage Summary neither amends nor alters the insurance contract. Specific questions on all policy terms and conditions should be referred to your Wells Fargo Insurance
representative, and the policy itself should be reviewed.
Please refer to the policy contract for specific terms, conditions, limitations, and exclusions
Proposal date: 7/11/2013 Prepared for City of Lubbock c: o Risk Management Dept.
Confidential.': 2013 Wells Fargo Insurance Services USA, Inc. All Rights Reserved. PAGE 21
Wells Fargo Insurance Services
Terms & Interruption of Service Waiting Period: 24 Hours
Conditions: Extended Period of Restoration: 3o Days
Newly Acquired Locations: go days
Covered equipment does not include any rotating biological contractor
Covered property does not include transmission and distribution lines
Equipment 25 years or older will be valued at Actual Cash Value
Business Income and Extra Expense coverages are excluded as respects any
accident to electrical generating equipment
Covered property does not include plastic media used in trickle filters or other
sewage processing equipment
Three Year Rate: 2012 2011 2014
•05337 •05337 •05337
Special Condition for 3 year rate guarantee
If the Cumulative loss Ratio for the coverage is provided by this policy is less than forty (40) percent for the
cumulative period beginning on the effective date of this policy through and including the most recent annual
period, then there will be no increase in the premium for the subsequent annual period, except premium will
be adjusted for (1) value changes at existing locations: (2) new locations and; (3) additional coverage.
This Coverage Summary neither amends nor alters the insurance contract. Specific questions on all policy terms and conditions should be referred to your wells Fargo Insurance
representative, and the prlicy itself should be reviewed.
Please refer to the policy contract for specific terms, conditions, limitatin ns, and exclusions
Proposal date: 7/11/2013 Prepared for City of Lubbock c/o Risk Management Dept.
Confidential. -c+ 2013 Wells Fargo InsuranCE Services USA, Inc. All Rights Reserved. PAGE 22