09/11/2012 Resolutions 2012-242 RESOLUTION 2011-242
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, 2012; 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$479,159,578.00 to $500,873,124.00; and
WHEREAS, a proposal to renew insurance for the 2012 — 2013 fiscal year was
received from the current provider,Factory Mutual Insurance Company of St. Louis,Missouri,for a
renewal premium of$429,840.00, including the terrorism coverage; and
WHEREAS,the City has opted to accept the optional Terrorism Insurance Coverage;
and
WHEREAS, the insurance provider requires that the City either accept or reject
Terrorism Insurance Coverage by executing the form provided.
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 $406,157.00, is
hereby approved, and to execute the form to accept Terrorism Insurance Coverage, with a
premium in the amount of$23,683.00 for a total of$429,840.00.
Adopted by the City Council of the City of Grand Island, Nebraska, September 11, 2012.Adetkimio_ 0
7
Air Aik
Vav cek, Mayor
Attest:
lb
RaNae Edwards, City Clerk
Approved as to Form ° Aral
September 10,2012 ° City Forney