Print
Reading Mode
Back to Calendar
Return
AI# 11407
Regular City Council Meeting
6.8.
03/07/2023:
Information
Agenda Item
Resolution - Risk Management:
Consider a resolution authorizing and directing the City Manager to purchase, for and on behalf of the City of Lubbock, airport and non-owned aircraft liability insurance coverage from Ace Property and Casualty Insurance Company, for which the premium amount shall not exceed $37,537.
Item Summary
Airport liability insurance covers liability claims that the City is legally obligated to pay for bodily injury and property damage, resulting from airport operations. Non-owned aircraft liability covers liability claims that the City is legally obligated to pay for bodily injury and property damage resulting from the occupancy or operation of a non-owned aircraft, including general liability, automobile liability, products and completed operations, fire legal liability, and hanger keepers liability for both commercial or private aircraft.
The City purchases airport and non-owned aircraft liability insurance separately from its package liability insurance program, which specifically excludes aircraft operations, except for law enforcement liability.
The current insurance policy is with Ace Property and Casualty Insurance Company, with a premium of $36,281, and has $50,000,000 in coverage for airport liability insurance and non-owned aircraft liability insurance. This policy is not subject to a deductible.
The renewal quote from Ace Property and Casualty Insurance Company was the only quote submitted, and it includes the same coverage as the current policy, with a renewal premium of $37,537; an increase of 3.46%.
Carriers bind insurance coverage April 1, 2023, 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, and may not be modified. Current insurance policies are available in Risk Management.
Fiscal Impact
Funds are included in the FY 2022-23 Risk Management Fund.
Staff/Board Recommending
D. Blu Kostelich, Chief Financial Officer
Attachments
Airport Resolution
Airport
AgendaQuick ©2005 - 2024 Destiny Software Inc.
All Rights Reserved.