09/12/2023 Resolutions 2023-222R E S O L U T I O N 2023-222
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, 2023; 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 2023 — 2024 fiscal year was
received from the current provider, Factory Mutual Insurance Company of St. Louis, Missouri, for a
renewal premium, with discounts, of $588,053.00, and includes the terrorism coverage for
$38,549.00; 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 $588,053.00, and to execute the
form to accept Terrorism Insurance Coverage, with a premium in the amount of $38,549.00. The
Mayor is hereby authorized to sign the acceptance form for the Terrorism Insurance on behalf of the
City of Grand Island.
BE IT FURTHER RESOLVED, that the Mayor is hereby authorized and directed to
execute such contract on behalf of the City of Grand Island and to take all other actions necessary to
effect the purpose of this resolution.
Adopted by the City Council of the City of Grand Island, Nebraska, September 12, 2023.
,/ _ ,<
� ��- : . � ., ` -2,'aG'�� �
Roger : Ste , Mayor
Attest:
� �i/�r��
Ji�i Granere, Deputy City Clerk