09/24/2024 Resolutions 2024-228 RESOLUTION 2024-228
WHEREAS, the City's Utility Department subscribes to insurance for boiler and
machinery, property, peril and fire coverage; and
WHEREAS,the City's Utility Department must carry and maintain insurance with
respect to the Combined Utilities and its operations pursuant to State law and the terms and
conditions of Ordinance 9800.
WHEREAS, the boiler and machinery, property, peril and fire coverage insurance
term expires October 1, 2024; and
WHEREAS, Ordinance 9800 requires the City annually review the insurance it
maintains with respect to the Combined Utilities and to make adjustments as so required, and
requires the City to pay the fees and expenses of any Insurance Consultant retained in connection
with the performance of this duty; and
WHEREAS,Council authorized,by and through Ordinance 9800,that the cost of said
insurance obtained is to be paid as an Expense out of the Revenues of the Combined Utilities; and,
WHEREAS,with the assistance of a duly retained Insurance Consultant,a proposal to
continue to ensure the Combined Utilities through the exiting provider, Factory.Mutual Insurance
Company of St. Louis, Missouri, has been received and evaluated; and,
WHEREAS,the City has opted to accept the proposal for renewal to include optional
Terrorism Insurance Coverage; and,
WHEREAS,the annual premium to cover the 2024-2025 fiscal year,with discounts
and the inclusion of all necessary and optional coverages is $765,260, with a policy fee due to the
Insurance Consultant, First National Insurance Company, of$38,500. Factory Mutual Insurance
Company has granted a one-time credit in recognition of their 25th anniversary for clients with
significant tenure;this discount will reduce the 2024-2025 premium by$169,448 for a total premium
payment due of$634,312.
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 $634,312.00, inclusive of all
discounts and optional coverages.
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 24, 2024.
er G. teele, Mayor
Attest:
ill Granere, City Clerk
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