09/10/2019 Resolutions 2019-270RESOLUTION 2019-270
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, 2019; and
WHEREAS, the insurance of electric and water utilities facilities is a specialized
market with a limited number of potential providers; and
WHEREAS, a proposal to renew insurance for the 2019 — 2020 fiscal year was
received from the current provider, Factory Mutual Insurance Company of St. Louis, Missouri, for a
renewal premium of $447,617.00 and terrorism coverage for $24,474.00; 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 $447,617.00, and to execute the
form to accept Terrorism Insurance Coverage, with a premium in the amount of $24,474.00. 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 10, 2019.
Attest:
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RaNae Edwards, City Clerk
Roger G. Steele, Mayor
Approved as to Form tt
September 9, 2019 tt City Attorney