Title
INSURANCE PROGRAM REPORT AND RECOMMENDATIONS
Recommendation
Recommendation:
1. Authorize City Manager, or designee, to bind excess workers’ compensation insurance with maximum limit set to statutory benefit maximums and $750,000 lower limit for non-safety employees and $1 million for safety employees with Safety National Insurance Company at a $214,412 premium cost.
2. Authorize City Manager, or designee, to bind excess liability insurance with $4 million to $8 million limit per occurrence with Princeton Excess & Surplus Lines Insurance Company and Gemini Insurance Company at a $2,234,809 premium cost.
3. Authorize City Manager, or designee, to bind airport liability insurance with $75 million per loss limit with Ace Insurance Company and a three-year rate guarantee at a $19,842 premium per year, billed annually.
4. Authorize City Manager, or designee, to bind underground storage tank liability with $1 million per storage tank incident limit with Ace Insurance Company at $7,026 premium cost.
5. Authorize City Manager, or designee, to bind CNG general liability with $3 million aggregate limit with Nautilus Insurance Company at $2,186 premium cost.
6. Receive and file City’s insurance programs report including information regarding insurance coverage purchased through City’s participation in Independent Cities Risk Management Authority including purchase of excess liability insurance above $8 million per occurrence, All Risk Property coverage, Auto Physical Damage Insurance, Crime Insurance, Cyber Liability Insurance and Terrorism Insurance.