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			7.20.
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, excess liability insurance coverage from Old Republic Union Insurance Company, for which the premium amount shall not exceed $867,995.19.
Item Summary
Excess liability insurance provides additional liability limits that are in excess of the package liability policies for the following: General liability; Auto liability; Employment practices liability; Employee benefits liability; Law enforcement liability; and Public officials errors and omissions liability.   The current insurance carrier is Old Republic Union Insurance Company. The current annual premium for is $771,157.51 for $7,000,000 of coverage per occurrence and aggregate of $14,000,000 million of annual aggregate coverage.   The renewal quote received was from the City’s current carrier, Old Republic Union Insurance Company,  for a premium of $867,995.19 for $7,000,000 of coverage per occurrence and a $14,000,000 aggregate. The increase in premium for excess liability is 12.56% over FY 2020-21 premium.   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.
Fiscal Impact
Funds are budgeted in the Proposed FY 2021-22 Risk Management Fund.
Staff/Board Recommending
D. Blu Kostelich, Chief Operating Officer
Attachments Excess Resolution Excess Liability

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