Resolution - Risk Management: Consider a resolution authorizing and directing the City Manager to purchase, for and on behalf of the City of Lubbock, layered excess liability insurance coverage (the Program) from Texas Insurance Company (35.714% of the Program) and Upland Specialty Insurance Company (64.286% of the Program), for which the premium amount shall not exceed $422,928.01 and $761,280.09, respectively.
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.
This is a continuation of the City's current layered coverage; 35.714% from Texas Insurance Company for an expiring premium of $388,443.89, and 64.286% from Upland Specialty Insurance Company for an expiring premium of $699.208.66, for $7,000,000 of coverage per occurrence and an aggregate limit of $14,000,000. This program also includes additional abuse and molestation coverage as well as pollutant coverage. Staff recommends renewal of this layered coverage program for a premium not to exceed $1,184,208.10, which is an increase of 8.88%.
Carriers bind insurance coverage on April 1, 2024, 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 included in the FY 2023-24 Risk Management Fund.