09/12/2017 Resolutions 2017-240RESOLUTION 2017-240
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, 2017; 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 $535,910,939.00 to $500,864,016.00; and
WHEREAS, a proposal to renew insurance for the 2017 — 2018 fiscal year was
received from the current provider, Factory Mutual Insurance Company of St. Louis, Missouri, for a
renewal premium of $408,542.00, 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.
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 $387,475.00, to execute the form to
accept Terrorism Insurance Coverage, with a premium in the amount of $21,067.00, for a total of
$408,542.00. The Mayor is hereby authorized to sign the acceptance form for the Terrorism
Insurance on behalf of the City of Grand Island.
Adopted by the City Council of the City of Grand Island, Nebraska, September 12, 2017.
Attest:
� �
RaNae Edwards, City Clerk
/
er my . J n en, Mayor
Approved as to Form A
September 11, 2017 tt Att� ey