HomeMy WebLinkAbout12/19/2012 5F AGENDA BILL
CITY OF BREMERTON
CITY COUNCIL
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SUBJECT- 2013 Property Insurance Study Session Date Dec 12, 2012
Renewal with Lexington Insurance Company COUNCIL MEETING Date Dec 19, 2012
Department City Attorney's Office
Presenter Thelma Swem
Phone (360) 473 -5302
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 Property insurance coverage for 2013
has been bound with Lexington Insurance Company The annual premium for 2013 is $274,660 23
Coverage is subject to a $100,000 deductible for most losses 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
ATTACHMENTS Summary of Quotes
FISCAL IMPACTS (Include Budgeted Amount) Sufficient funds have been budgeted in the Risk
Management Fund for this expenditure for 2013
STUDY SESSION AGENDA N No Discussion ❑ Full Presentation
STUDY SESSION ACTION. N Consent Agenda ❑ General Business ❑ Public Hearing
RECOMMENDED MOTION Move to approve continuation of property insurance bound with
Lexington Insurance Company for 2013
COUNCIL ACTION: [Approve ❑ Deny ❑ Table ❑ Continue ❑ No Action
Form Updated 11/02/12