09/14/2010 Resolutions 2010-244RESOLUTION 2010-244
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, 2010; and
WHEREAS, the insurance of electric and water utilities facilities is a specialized
market with a limited number of potential providers; and
WHEREAS, valuation adjustments resulted in an increased total insured value of
property from the present amount of $440,304,760 to $456,743,074; and
WHEREAS, a proposal to renew insurance for the 2010 - 2011 fiscal year was
received from the current provider, Factory Mutual Insurance Company of St. Louis, Missouri, for a
renewal premium of $376,096, including the terrorism coverage; 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 $354,375 is hereby approved,
and the Utilities Director is hereby directed to execute the form to accept Terrorism Insurance
Coverage, with a premium in the amount of $21,721.
Adopted by the City Council of the City of Grand Island, Nebraska, September 14, 2010.
~~~~
Margaret ornady, Mayor
Attest:
~0.~9.0- (_.~L~~
RaNae Edwards, City Clerk
Approved as to Form n
September 13, 2010 p CityAttorney