03/04/2003 Resolutions 2003-61
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RESOLUTION 2003-61
WHEREAS, recent terrorist events have created exposure to municipal utility assets;
and
WHEREAS, in response to the September 11, 2001 terrorist attacks, the federal
government enacted the Terrorism Risk Insurance Act of2002 which provides up to 90% coverage
for damages caused by terrorist activities; and
WHEREAS, such federal coverage is conditioned on private terrorism insurance
being in effect to cover losses arising out of acts of terrorism; and
WHEREAS, Factory Mutual Insurance Company, the insurance company that
provides coverage for the City of Grand Island utility assets, has agreed to provide terrorism
insurance coverage for the City's utility assets at a rate of$15,835 per year; and
WHEREAS, it is recommended that such insurance coverage be approved.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COUNCIL OF
THE CITY OF GRAND ISLAND, NEBRASKA, that the City of Grand Island is hereby authorized
to obtain terrorism insurance coverage for the City's utility assets from Factory Mutual Insurance
Company at the rate of $15,835 per year.
Adopted by the City Council of the City of Grand Island, Nebraska, March 4, 2003.
RaNae Edwards, City Clerk
City Council denied Resolution 12003-61 at thier Meeting of March 4, 2003.
Approved as to Form Xl
February 27, 2003 Xl City Attorney