08/26/2008 Resolutions 2008-233RESOLUTION 2008-233
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, 2008; 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 $360,817,829.00 to $439,698,762.00; and
WHEREAS a proposal was received from the current provider, Factory Mutual
Insurance Company of St. Louis, Missouri, in the amount of $393,651.00; and
WHEREAS the insurance provider requires that the City either except or reject
Terrorism Insurance Coverage by executing the form provided; and
WHEREAS the City has opted not to accept Terrorism Insurance Coverage in past
policies.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COUNCIL OF
THE CITY OF GRAND ISLAND, NEBRASKA, that the proposal of Factory Mutual Insurance
Company of St. Louis, Missouri, with premium in the amount of $393,651.00 is hereby approved,
and the Utilities Director is hereby directed to execute the form to decline Terrorism Insurance
Coverage.
Adopted by the City Council of the City of Grand Island, Nebraska, August 26, 2008.
Margaret ornady, Mayor
Attest:
RaNae Edwards, City Clerk
Approved as to Form ~+~,~5
August 25, 2008 ^ City Attorney