HomeMy WebLinkAboutResolution - 2020-R0297 - Terrorism Insurance PolicyResolution No. 2020-R0297
Item No. 7.15
September 8, 2020
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 terrorism insurance coverage from
Underwriters at Lloyd's, for which the premium amount shall not exceed a rate of .0022 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 on September 8, 2020
DANIEL M. POPE, MAYOR
ATT
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Rebecca Garza, City Secretary
APPROVED AS TO CONTENT:
Chief Financial Officer
APPROVED AS TO FORM:
JIattsell, Deputy City Attorney
vw:ccdocs/RES.Risk Mgmt-Underwriters at Lloyds
August 25, 2020
Terrorism — Foreign & Domestic Threats (Property)
Insurance Company: Underwriters at Lloyd's
Policy Term: 10/1/2019 to 10/1/2020
Coverage: Insurance covering loss due to acts of terrorism.
Annual Premium: $19,275.90 including Taxes & Fees
General Terms & Conditions
1. 12-month policy period
2. 100% Lloyd's syndicate paper which is rated A by A.M. Best Financial Size Category is Class XV.
3. General Terms and Conditions TR5 P0001 CW (09-17) applies to this policy in conjunction with
the specific wording detailed in each section below.
4. Attached endorsements apply: E2007.2 - Lloyd's Syndicate (33) Endorsement, E2010.1-
Premium Payment Clause (Reinsurance), E2013.1- Service of Suit Endorsement, and E2017.1-
Policyholder Disclosure Notice of Terrorism Insurance Cover
Terrorism and Sabotage $50,000,000 Per Occurrence $19,275.90 100%
$50,000,000 Aggregate
Excess of: N/A
SPECIAL CONDITIONS / OTHER COVERAGES:
NO FLAT CANCELLATIONS
ALL FEES ARE FULLY EARNED AT INCEPTION
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Quotation Details:
Terrorism and Sabotage Coverage Part: TR5 P0004 CW (12-17)
Hiscox Participation: 100%
Hiscox Terrorism and Sabotage Limit of Liability:
$ 50,000,000 Per Occurrence /
$ 50,000,000 Aggregate
Total Insured Value:
$ 887,260,582
Business Interruption Sublimit
$ 1,100,000
Civil or Military Authority Sublimit
$ 1,000,000, 30 Day(s), and 1 Mile(s)
Debris Removal Expenses Sublimit
$ 250,000
Decontamination Costs Excluding NCBR Sublimit
$ 250,000
Demolition and Increased Cost of Construction Sublimit
$ 1,000,000
Errors and Omissions Sublimit
$ 250,000
Electronic Data Processing Media Sublimit
$ 1,000,000
Extended Period of Indemnity Sublimit
$ 1,000,000 and 180 Day(s)
Fine Art Sublimit
$ 250,000
Ingress/Egress Sublimit
$ 1,000,000, 30 Day(s), and 1 Mile(s)
Preservation of Property Sublimit
$ 250,000
Professional Fees Sublimit
$ 250,000
Relocation Expense Sublimit
$ 250,000
Service Interruption Sublimit
$ 1,000,000, 30 Day(s), and 1 Mile(s)
Transit Sublimit
$ 250,000
Valuable Papers Sublimit
$ 250,000
Accounts Receivable Sublimit
$ 250,000
Automatic Coverage Sublimit
$ 1,000,000 and 30 Day(s)
Commissions, Profits, and Royalties Sublimit
$ 250,000
Contingent Business Interruption —Named Suppliers/Customers
$ 0 Sublimit
Contingent Business Interruption —Unnamed Suppliers/Customers
$ 0 Sublimit
Delay in Startup Costs Sublimit
$ 250,000
Fire Protective Systems Sublimit
$ 10,000
Green Building Additional Expense Sublimit
$ 250,000
Key and Lock Expense Sublimit
$ 250,000
Landscaping Sublimit
$ 10,000
Leasehold Interest Sublimit
$ 0
Loss of Attraction Sublimit
$ 0, 0 Day(s), and 0 Mile(s)
Miscellaneous Unnamed Locations Sublimit
$1,000,000 and 30 Day(s)
Newly Acquired Locations Sublimit
$ 1,000,000 and 90 Day(s)
Property In Course of Construction Sublimit
$ 1,000,000
Rental Income Sublimit
$ 0
Soft Costs Sublimit
$ 250,000
Deductible:
$ 0
Waiting Period:
0 Hour(s)
Terrorism and Sabotage Premium:
$13,700
Endorsements:
NONE
Unless otherwise specified, all sublimits listed above apply on a per occurrence basis and are a part of, and
not in addition to, the Terrorism and Sabotage limit of liability.
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TAXES & FEES:
IMPORTANT NOTE: The Home State of the Named Insured shall be determined in accordance with the
provisions of the Nonadmitted and Reinsurance Act of 2010, 15. U.S.0 §8201, etc. ("NRRA"), and the
applicable law of the Home State governing cancellation or non -renewal of insurance shall apply to this
Policy.
Taxes are provisional based on the insureds acceptance of TX as their home state.
Surplus lines taxes quoted may be subject to change based up on updated risk information or changes to
tax rates or governmental fees.
State surcharges and/or fees charged by the Insurer may not be included herein and will be billed at a
later date.
GENERALTERMS
In all cases, policy and carrier wordings take precedence.
The deposit premium is the minimum portion of premium due to the carrier at the inception of the policy.
The premium for the policy term will be adjusted according to the provisions stated in the policy.
MINIMUM PREMIUM
The minimum premium is the LEAST amount of premium retained by the carrier if the policy is in effect
for the full term.
MINIMUM EARNED PREMIUM
The minimum earned premium is the LEAST amount of premium that will be retained by the carrier in
the event of cancellation. The actual amount of earned premium retained will be the GREATER of the
actual premium developed based on the time the policy was in effect OR the minimum earned premium
as stated in the policy.
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