Print Reading Mode Back to Calendar Return
			7.13.
Regular City Council Meeting
Meeting Date: 09/14/2021
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, property terrorism insurance coverage from Lloyd’s of London, for which the premium amount shall not exceed a rate of $0.0027 per $100 valuation.
Item Summary
Property terrorism insurance provides coverage which protects against the financial ramifications of foreign and domestic threats. In previous years, this coverage has been included in the City’s property coverage; however, this stand-alone policy with a $50,000,000 per occurrence limit and no deductible is more fiscally beneficial to the organization. The current premium based on the City’s total insured value of $887,260,582 is $19,275.90. Renewal is based on an increase of total insured values of $949,901,403 and has a premium $25,058.67, an increase of 30%. Approving this insurance coverage on a rate basis allows the City Manager the ability to add and remove property, as necessary, to maintain an accurate property valuation.   Staff recommends purchase for property terrorism insurance coverage from Lloyd’s of London with a policy limit of $50,000,000.   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 premium for the insurance coverage and the policy are approved by the Texas Department of Insurance as to content. Current insurance policies are available in Risk Management.
Fiscal Impact
Funds are budgeted in the Proposed FY 2021-22 Risk Management Fund.
Staff/Board Recommending
D. Blu Kostelich, Chief Financial Officer
Attachments COL Terrorism Resolution COL Terrorism

AgendaQuick ©2005 - 2024 Destiny Software Inc. All Rights Reserved.