Inland marine coverage insures direct physical loss for special classes such as fine arts, sound and broadcasting equipment, and radio towers, at stated values.
The City's current inland marine insurance includes coverage for Broadcasting and Media equipment, Instrumentalities of Communication, and Fine Arts, with a deductible of $2,500 and a policy premium of $18,990.72. The renewal quote of $17,065 reflects a 10.68% decrease in premium from FY 2022-23.
Pipeline liability coverage protects the City in case of an explosion of the City's gas pipeline.
The City's current pipeline liability insurance coverage is provided by Federal Insurance Company, Chubb Group, with a premium of $5,150 for $2,000,000 in coverage with a $2,500 deductible. This premium and coverage remains unchanged for the FY 2023-24 policy period.
Crime coverage insures the loss of monies and securities from employee dishonesty, forgery or alteration, theft, disappearance, destruction, computer fraud, and funds transfer fraud.
The City’s current policy consisting of $2,000,000 in coverage, a $50,000 deductible, and $250,000 Social Engineering coverage, for a premium of $8,174.88. The renewal quote of $7,577 reflects a 7.31% decrease in premium from FY 2022-23.
Drone liability insurance covers liability claims that the City is legally obligated to pay for bodily injury and property damage, caused by Commercial Unmanned Aerial Vehicles (UAV) operation. Drone hull coverage covers the costs of physical damage to the UAV.
The insurance policy has $1,000,000 in coverage for drone liability insurance and ranges from $400 to $6,500 in hull coverage for UAV. The policy includes a 5% deductible for a renewal premium of $10,305, a 9.33% increase from current year’s premium of $9,426.
Carriers bind insurance coverage April 1, 2023, after notification of City Council approval. Insurance policies are issued once the insurance company receives from the City the premium for the insurance coverage and are approved by the Texas Department of Insurance as to content. Current insurance policies are available in Risk Management.
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