08/09/2016 Resolutions 2016-186RESOLUTION 2016-186
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, 2016; 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 a decreased total insured value of
property from the present amount of $609,200,000.00 to $535,000,000.00; and
WHEREAS, a proposal to renew insurance for the 2016 — 2017 fiscal year was
received from the current provider, Factory Mutual Insurance Company of St. Louis, Missouri, for a
renewal premium of $435,402.00, including the terrorism coverage; and
and
WHEREAS, the City has opted to accept the optional Terrorism Insurance Coverage;
WHEREAS, the insurance provider requires that the City either except or reject
Terrorism Insurance Coverage by executing the form provided; and
WHEREAS, the Factory Mutual proposal includes an option to renew the policy for a
second year at the same premium rate subject to the policy valuation.
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 $413,059.00, to execute the form to
accept Terrorism Insurance Coverage, with a premium in the amount of $22,343.00, for a total of
$435,402.00, and the option to include the renewal of the policy for a second year at the same
premium rate subject to the policy valuation, is hereby approved.
Adopted by the City Council of the City of Grand Island, Nebraska, August 9, 2016.
Attest:
���1 �.
RaNae Edwards, City Clerk
.� - - - .l�_' ��
�
� .��
Approved as to Form tt
August 8, 2016 � ty" ney