09/22/2020 Resolutions 2020-226R E S O L U T I O N 2020-226
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, 2020; 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 2020 — 2021 fiscal year was
received from the current provider, Factory Mutual Insurance Company of St. Louis, Missouri, for a
renewal premium of $572,114, and terrorism coverage for $36,71 l; and
WHEREAS, the City has opted to accept the optional Terrorism Insurance Coverage;
and
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 $572,114, and to execute the form
to accept Terrorism Insurance Coverage, with a premium in the amount of $37,711. 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 22, 2020.
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Roge . Steele, Mayor
Attest:
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RaNae Edwards, City Clerk
Approved as to Form tt�
September 21, 2020 tt City Attorney