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			7.22.
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, coverage from a carrier as yet to be determined, for which the premium amount shall not exceed $114,393.
Item Summary
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 $50,000. The City’s broker is working to secure quotes for this coverage.   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 Financial Officer
Attachments Cyber Resolution Cyber Liability

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