HomeMy WebLinkAbout12/20/2017 7MAGENDA BILL
CITY OF BREMERTON 7M
CITY COUNCIL
SUBJECT: 2018 Property Insurance
Renewal with American Home Assurance
Company
Study Session Date:
COUNCIL MEETING Date:
Department:
Presenter:
Phone:
December 13, 2017
December 20, 2017
City Attorney's Office —
Risk Management
Thelma Swem
(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 2018
has been bound with American Home Assurance Company. The 2018 annual premium including
terrorism coverage and mandatory engineering fee is $338,806. 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 2018.
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 American Home Assurance
Company for 2018.
COUNCIL ACTION: dApprove
Form Updated 01/07/15
❑ Deny ❑ Table ❑ Continue ❑ No Action