09/13/2022 Resolutions 2022-260R E S O L U T I O N 2022-260
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, 2022; 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 2022 — 2023 fiscal year was
received from the current provider, Factory Mutual Insurance Company of St. Louis, Missouri, for a
renewal premium, with discounts, of $562,428.00, and includes the terrorism coverage for
$36,713.00; 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 $562,428.00, and to execute the
form to accept Terrorism Insurance Coverage, with a premium in the amount of $36,713.00. 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 13, 2022.
Roger Steele, Mayor
Attest:
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RaNae Edwards, City Clerk
Approved as to Form tt �
September 13, 2022 tt Ci ttomey