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HomeMy WebLinkAbout12/18/2013 5G AGENDA BILL CITY OF BREMERTON CITY COUNCIL SUBJECT 2014 Property Insurance Study Session Date December 11, 2013 Renewal COUNCIL MEETING Date December 18, 2013 Department City Attorney's Office — Risk Management 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 2014 has been bound with Lexington Insurance Company The annual premium for 2014 is $287,801 52 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 FISCAL IMPACTS (Include Budgeted Amount) Sufficient funds have been budgeted in the Risk Management Fund for this expenditure for 2014 STUDY SESSION AGENDA © No Presentation ❑ Full Presentation STUDY SESSION ACTION: © Consent Agenda ❑ General Business ❑ Public Hearing RECOMMENDED MOTION: Move to approve continuation of property insurance bound with Lexington Insurance Company for 2014 COUNCIL ACTION: [ Approve ❑ Deny ❑ Table ❑ Continue ❑ No Action Form Updated 01/25/13