HomeMy WebLinkAboutResolution - 2020-R0299 - LP&L Boiler and Machinery InsuranceResolution No. 2020-R0299
Item No. 7.17
September 8, 2020
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
THAT the City Manager of the City of Lubbock be authorized and directed to
bind and purchase property insurance coverage to include boiler and machinery for and
on behalf of Lubbock Power and Light, the City's municipal electric utility, with a carrier,
in an amount, and upon the terms acceptable to the City Manager, for which the premium
amount shall not exceed a rate of $0.4746 per $100 valuation; and
THAT the City Manager may execute any routine documents and forms
associated with said insurance coverage.
Passed by the City Council this September 8, 2020
DANIEL M. POPE, MAYOR
A EST:
Re ecca Garza, City Secretary
APPROVED AS TO CONTENT:
D. Blu K telich, Chi- ancial Officer
Attorney
RES.Risk Mgmt-LP&L Property Ins. (Q)
September 4, 2020
91212020
Lubbock Power & Light,
POIILy Year
the City of Lubbock's municipally
2D204021
owned electric utility
oescrinCon
Values Ral[s
Promium
Su Ius Lmos Tas&Foo
Properly Bamago including Busness Interrupt—
SAL0.19].1151 SRA9<]
S2,000.000
SIMON
Sbndelona Tenodsm Pollry
SC80,1]],051 SO.o065
S1o.000
51,500
Lose Cordrot Services
SeMces unn,luedb AEGIS
310.000
1 $D
Placement Service Fee
seMCeS r Ided by Wo"Inim
500000
1 $2,000
APPA Mtln F
$100
s0
Loss oMrmBedl58Mee US"nun'.. Cretllll
CeMen nlmbune up to 2.5%of pmmium
TBD
$0
Annual ProPorly Pnnium Including:
Ta,ucUFctVMd111DnaI SeMcee emodam
$2183600
All In Pmpeny Rate Per SIDD Insured
jp J]A6
Izz
Page,of1 M MARSH I Wortham