Ratify the payment of windstorm insurance premium to Texas Windstorm Insurance Association (TWIA).

The City's windstorm coverage is through Texas Windstorm Insurance Association (TWIA).  Since the city is located in the first tier of counties that border the Texas Gulf Coast, windstorm coverage is not available through Texas Municipal League Intergovernmental Risk Pool to the extent that it is available through either TWIA or other windstorm carriers.  Victor Insurance Managers Inc. serves as the property underwriting contractor for the Pool.  As part of the City's agreement with the Pool, they are available to serve as the City's insurance agent in placing windstorm coverage with TWIA and/or another carrier.  The cost for renewal with TWIA is $261,532.00, which is the same amount as the current year. Buildings covered by this insurance are Charles T. Doyle Convention Center/Nessler Center, Matthew T. Doyle Natatorium/Lowry Fitness Center, and Texas City Museum.

To avoid any disruption in coverage, the payment for the annual premium was made in August of 2024.

Recommend approval to ratify the payment.