09/11/2007 Resolutions 2007-221RESOLUTION 2007-221
WHEREAS, the City's Utility Department subscribes to insurance for boiler and
machinery, property, peril and fire coverage; and
WHEREAS, the boiler and machinery, property, peril and fire coverage insurance
term expires October 1, 2007; and
WHEREAS, the insurance of electric and water utilities facilities is a specialized
market with a limited number of potential providers; and
WHEREAS, valuation adjustments resulted in an increased total insured value of
property from the present amount of $330,222,703.00 to $360,817,829.00;
WHEREAS, a proposal was received from the current provider, Factory Mutual
Insurance Co. of St. Louis, Missouri, in the amount of $375,813.00; and
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COUNCIL OF
THE CITY OF GRAND ISLAND, NEBRASKA, that the proposal of Factory Mutual Insurance Co.
of St. Louis, Missouri, in the amount of $375,813.00 is hereby approved.
Adopted by the City Council of the City of Grand Island, Nebraska, September 11, 2007.
Margaret ornady, ayor
Attest:
RaNae Edwards, City Clerk
Approved as to Form d ~ ~
September 10, 2007 +~ City Attorney