HomeMy WebLinkAboutResolution - 2013-R0291 - Purchase - Property Insurance Coverage - Texas Municipal League - 09/10/2013Resolution No. 2013-RO291
September 10, 2013
Item No. 5.24
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 insurance coverage from
Texas Municipal League (TML), for a premium amount not to exceed a rate of .04616 per
$100.00; 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_
GLE ROBERTSON, MAYOR
ATTEST:
Reb cca Garza, City Secretary
APPROVED AS TO CONTENT:
Leisa Hutcheson, Director of Human Resources
and Risk Management
APPROVW AS TO FORM:
Chad Weaver, Assistant City Attorney
RES.Risk Mgmt-Texas Municipal League
.August 26, 2013
Resolution No. 2013—RO291
Wells Fargo Insurance Services
PROPERTY
Insurance Company Texas Municipal League — TML
Carrier Rating:
Not rated by AM Best
Named Insured:
City of Lubbock
Mailing Address:
P.O. Box 2000
Lubbock, TX 79457
Effective Date:
10-01-13 to 10-01-14
Locations: Statement of Values attached
COVERAGE
Limits of Insurance:
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 9
$ 400,000,000 Blanket Building & BPP
$ 867,882,374 • Property
$ 30,461,884 0 Mobile Equipment
$ 93,902,916 0 Citibus & Fleet
$ 9929247174 Total Insured Value
LEASED LOCATIONS
.-
LIA Hangar Bldg #310 (Chaparral), 5417 N Walnut
>
LIA Warehouse Bldg #722 (Thiel), 5500 N Zenith
r
LIA Hangar #32 (G&G Avionics), 5902 N Cedar
®
LIA Warehouse Bldg #710 (Nortec), 2828 E Dubuque
o
LIA Warehouse Bldg #714, (Marco), 5612 N David Ave
y
LIA Warehouse Bldg #716 (Marco Steel), 5618 N David Ave
r
LIA Warehouse Bldg #721 (Thiel), 55o1 N Zenith
Limits and Coverages TML
Loss Limit 400,0009000
Blanket, Agreed Amount, No Co -Insurance Yes
Deductibles:
Property 250,000
Flood 250,000
Earthquake 250,000
Named Storm 250,000
7 Designated Locations (leased) 50,000
Flood:
High Hazard (Zones A, V, B, X) 25,000,000
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 9
Wells Fargo Insurance Services
All Other Zones except:
Included
Earthquake
Incl. w/Flood
Transportation
1,000,000
Named Storm
Loss Limit
Accounts Receivable
5,000,000
LP&L Poles and Transformers
5,000,000
Automatic/Newly Acquired - 90 Days
1,000,000
Newly Acquired Property
1,000,000
Boiler & Machinery
Excluded
Brands and Labels
Loss Limit
Consequential Reduction in Values
Loss Limit
Control of Damaged Property
Loss Limit
Impounded Water
Loss Limit (if
Course Of Construction (COC)
reported)
COC Testing
Included
COC Time Element
Included in EE
Debris Removal
Included
$20,000 each
Decontamination Costs
premise
Defense Cost
Unlimited
Demolition and Increase Cost of Construction (ICC)
Loss Limit
Unintentional E&O
Loss Limit
Exhibits, Expositions, Fairs & Trade Shows
Loss Limit
Fire Dept. Surcharge
Included
Leasehold Interest- 365 days max
5,000,000
Misc. Unnamed Locations
Loss Limit
Service Interruption
Loss Limit
Tax Treatment of Profits
Included in EE
Valuable Papers
5,000,000
Extra Expense
5,000,000
Rental Insurance
Included in EE
Ingress/Egress - 3o Days
Included
Order of Civil Authority - 3o Days/1 mile
Included - 2 Weeks
Impounded Water
Loss Limit
*TRIA
25,000,000
COVERAGE DEFINITIONS
Buildings — Real Property is covered on an "All Risk" Replacement Cost basis subject to standard conditions
and exclusions contained in the policy such as but not limited to war, nuclear contamination, earthquake,
flood, settling and cracking foundations, and damage by insects, etc.
Personal Property — Business Personal Property is covered on an "All Risk" Replacement Cost basis subject
to standard conditions and exclusions such as but not limited to war, nuclear contamination, earthquake,
flood, wear and tear, and conversion.
Rate: 2012 2018
.0004798307 .00046159365
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. z• 2013 Wells Fargo Insurance Services USA, Inc. All Rights Reserved. PAGE to