HomeMy WebLinkAbout12/21/2011 5E AGENDA BILL
CITY OF BREMERTON
CITY COUNCIL
SUBJECT 2012 Property Insurance Study Session Date Dec 21, 2011
renewal COUNCIL MEETING Date Dec 21, 2011
Department City Attorney's Office
Presenter Roger Lubovich and
Thelma Swem
Phone 473 -2345
SUMMARY The Bremerton Municipal Code authorizes the Risk Management Specialist, with the
approval of the City Attorney, to bind property insurance coverage on City assets and requires City
Council approval for the continuation of the bound coverage However quotes for 2012 property
coverage increased significantly Lexington Insurance Company provided a favorable quote to the
City however it will reduce earthquake and flood coverage to from $56,000,000 to $50,000,000
Earthquake and flood insurance is only provided for the Wastewater Treatment Plant, the Harborside
Conference Center, the Harborside Sculptures and Fountains and PSNS Memorial Plaza Since
coverage will be reduced at these locations, staff is requesting approval prior to binding coverage for
2012 The annual premium (including taxes and fees) proposed for 2012 is $246,833 90 Coverage
is subject to a $100,000 deductible for most losses
ATTACHMENTS:
FISCAL IMPACTS (Include Budgeted Amount) Sufficient funds have been budgeted in the Risk
Management Fund for this expenditure for 2012
APPROVALS
DEPARTMENT DIRECTOR
CITY ATTORNEY
FINANCE DIRECTOR
MAYOR D
RECOMMENDED MOTION. Move to appr a the binding and continuation of property insurance
with Lexington Insurance Company for 2012
STUDY SESSION ACTION ❑ Cons nt A enda El General Business El Public Hearing
COUNCIL PRESIDENT �Approve `
COUNCIL ACTION: ❑ Deny ElTable ❑ Continue ❑ No Action
Form Updated 11/02/2011