HomeMy WebLinkAbout04-270DATE SUBMITTED: December 15, 2004 BILL # ~) q- 72~-'/O
AGENDA BILL
CITY OF BREMERTON
CITY COUNCIL
SUBJECT: PumhaseofPropertylnsurance Committee Meeting Date: December22,2004
COUNCiL MEETiNG Date: December 29, 2004
Department: City Attorney's Office
Presenter: Peggy Lesser .~
Phone: 473-5302
SUMMARY: Bremerton's property insurance expires on December 31, 2004. Renewal
specifications have been marketed to a variety of insurers. The most favorable option for 2005
coverage is to renew the existing policy with Affiliated FM Insurance, increasing the limit of liability
for earthquake and flood on the WWTP and the Conference Center to $40 million. The premium for
this coverage would be $171,062, which is about 4% less than we paid for similar coverage in 2004,
subject to a $100,000 deductible.
ATTACHMENTS: None
FISCAL IMPACTS (Include Budgeted Amount): The 2005 budget includes sufficient funds to
cover this expenditure.
APPROVALS: ~
CITY ATTORNEY:
MAYOR:
FISCAL/BUDGET: ~ ~f...~~ '-
OPERATIONS:
COUNCIL PRESIDENT:
RECOMMENDED MOTION: I move to authorize the (~sk Manager to purchase property
insurance from Affiliated FM Insurance Company for 2005.
AGENDA STATUS:
Consent
New Business
Appr Old Business
Ordinance
COUNCIL ACTION: ove [] Deny [] Postpone [] No Action Resolution
Public Hearing
Information
Study Session