HomeMy WebLinkAboutResolution - 2013-R0289 - Purchase - Property Insurance - ACE/Westchester Fire Insurance Company - 09/10/2013Resolution No. 2013-RO289
September 10, 2013
Item No. 5.22
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 ACE "Westchester Fire 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 $127,230; 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 10 2013
GL C. ROBt RTSON, MAYOR
ATTEST:
A4^ b 'e.4t_.e_-e_ - V
Reb .cca Garza, City ecreta
APPROVED AS TO ONTENT:
tr �
Leisa Hutcheson, Director of Human Resources
and Risk Management
APPROV D AS70 FORM:
Chad Weaver, Assistant City Attorney
miccdocs/Res.Agreement-ACE Fire Underwriters Ins. Co
August 26, 2013
Resolution No. 2013—RO289
Wells Fargo Insurance Services
Montford Dam - Property
Insurance Carrier:
Westchester Fire Insurance Company
Carrier Rating:
A+ XV as of June 14, 2013 per A.M. Best
Policy Term:
10/01/2013 to 10/01/2014
Coverage:
Property Damage, Newly Acquired Property, Debris Removal, Pollutant
Clean-up, including Terrorism, and as more fully defined in the company
policy form.
Admitted/ Non -admitted:
Admitted
Limits of Liability:
$ 50,000,00o Real Property
$ 1,000,00o Property Sublimit - Intake Tower and Outlet Works
$ 100,00o Property Sublimit — Intake Bridge
$ Not Covered Loss of Revenue
TIV: $ 76,044,754
Perils: All risks of direct physical loss or damage including Flood, Earth Movement
and Named Windstorm, excluding Boiler & Machinery.
Deductible: $2,000,000 per occurrence
Extensions of Coverage: $ 5% or Debris Removal, $2,500 Maximum
$ Not Covered Fire Department Service Charge
$ Not Covered Loss Adjustment Expenses
$ 25,000 Pollutant Clean Up
$ Not Covered Extra Expense
$ Not Covered Expediting Expenses
$ 10,000,00o Earth Movement Occurrence and Aggregate Limit
$ 10,000,00o Flood Occurrence and Aggregate Limit
Minimum Earned: $ 250
Exclusions: Governmental Action
Nuclear Hazard
War and Military Action
Terrorism Coverage ( Included)
Rate: 2012 2018
.0159 0167
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 fr.r specific terms, conditions, limitations, and exelusiuns
Proposal date: 7/11,f2013 Prepared for City of Lubbock c,, o Risk Management Dept,
Confidential.'.9 2013 Wells Fargo Insurance Services USA, Inc. All Rights Reservrd. PAGE 12