HomeMy WebLinkAbout12/16/2015 7J AGENDA B1LL �J
CITY OF BREMERTON
CITY COUNCIL
SUBJECT: 2016 and 2017 Property Study Session Date: December 9, 2015
Insurance COUNCIL MEETING Date: December 16, 2015
Department: City Attorney's Office—
Risk Management
Presenter: Thelma Swem
Phone: 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 2016
and 2017 has been bound with American Home Assurance Company. The estimated two-year
premium including terrorism coverage and mandatory engineering fee is $571,806. The 2016
premium is $285,903. The 2017 premium will be calculated at the same rate but is subject to
adjustment based on an updated Statement of Locations and Values. 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 the PSNS Memorial Plaza.
ATTACHMENTS:
FISCAL IMPACTS (Include Budgeted Amount): Sufficient funds have been budgeted in the Risk
Management Fund for this expenditure for 2016. Sufficient funds will be budgeted in the Risk
Management Fund for the expenditure in 2017.
STUDY SESSION AGENDA: � No Presentation ❑ Full Presentation
STUDY SESSION ACTION: 0 Consent Agenda ❑ General Business ❑ Public Hearing
RECOMMENDED MOTION:
Move to approve continuation of property insurance bound with American Home Assurance
Company for 2016 and 2017.
COUNCIL ACTION: [�Approve ❑ Deny ❑ Table ❑ Continue ❑ No Action
Form Updated 01/07/15