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Resolution - Risk Management:
Consider a resolution ratifying the actions of the City Manager in purchasing, for and on behalf of the City of Lubbock, Network Security Privacy Insurance coverage.The subject insurer is listed in the attachment along with the terms and conditions, and said attachment is incorporated hereto as if fully set forth herein.
In addition to the City's internal methods of data breach prevention, Network Security and Privacy Insurance coverage would further protect the City from information privacy and network security breaches, by providing coverage for Privacy Liability, Network Security, and Media Liability and Regulatory action.
The City's current coverage is written by Certain Underwriters at Lloyd's of London, with a policy premium of $67,290 for a $5,000,000 limit with a self-insurance retention of $15,000. The proposed renewal, written by Cowbell Cyber, has a premium of $99,135.11 which reflects a 47.33% increase over FY 2020-21 for $1,000 000 in coverage and a $100,000 deductible.
Carriers bind insurance coverage October 1, 2021, after notification of City Council approval. Insurance policies are issued after premiums are received from the City. The policy for the insurance coverage is approved by the Texas Department of Insurance as to content. Current insurance policies are available in Risk Management.
Funds are budgeted in the Adopted FY 2021-22 Risk Management Fund.
D. Blu Kostelich, Chief Financial Officer
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