Res 108-2014 10/7/2014PAGE 1 OF 3 PAGES
AGENDA ITEM NO. 9.D
RESOLUTION NO. 108-2014
Resolution awarding a proposal for insurance to The Texas
Municipal League Intergovernmental Risk Pool in the amount of
$141,763.00, with an option to renew for two additional years
WHEREAS, the City of Wichita Falls desires to purchase an insurance policy to
cover potential losses in its facilities including building and contents, extra expense,
equipment, and boiler and machinery; and
WHEREAS, proposals were solicited from insurance companies for this
coverage, and two proposals were received and evaluated; and
WHEREAS, the proposal received from the Texas Municipal League’s
Intergovernmental Risk Pool is the lowest cost proposal and is in the City’s best interest.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF WICHITA FALLS, TEXAS, THAT:
The City Council hereby awards the proposal for building and contents, boiler
and machinery and extra-expense insurance to Texas Municipal League
Intergovernmental Risk Pool’s in the amount of $141,763.00, with the option to renew
for an additional two years.
PASSED AND APPROVED this the 7th day of October, 2014.
______________________________
M A Y O R
ATTEST:
___________________
City Clerk
PAGE 2 OF 3 PAGES
AGENDA ITEM NO. 9.D
BLDG. &
CONTENT
FLOOD AND
EARTHQUAKE
EXTRA
EXPENSE
VALUABLE
PAPERS
($250,000.00
LIMIT)
BOILER AND
MACHINERY
$100,000 DED.
TEXAS MUNICIPAL
LEAGUE
($250,000 deductible)
$119,619.00 $21,862.00 $141.00 $141.00 INCL. IN B&C
TEXAS MUNICIPAL
LEAGUE
($200,000 deductible)
$137,178.00 $22,464.00 $162.00 $162.00 INCL. IN B&C
TEXAS MUNICIPAL
LEAGUE
($100,000 deductible)
$150,929.00 $23,755.00 $178.00 $178.00 INCL. IN B&C
EXPLANATION OF TYPES OF COVERAGES
BUILDING AND CONTENTS
The limit of this coverage is $211,555,424 and provides $250,000 per occurrence
deductible. This is a Blanket Fire and Extended Coverage, Fire Collapse, Explosion,
Vandalism, Malicious Mischief, Riot and Civil commotion, and Wind and Hail.
BOILER AND MACHINERY
This insurance provides coverage of $5,000,000 per occurrence, with a $100,000
deductible. The policy provides coverage for all Boiler and Machinery type equipment
such as pumps, motors, air-conditioning (large units) and other related equipment. This
is included in the building and contents policy.
EXTRA EXPENSE
This coverage provides for a $250,000 limit on extra expense which would be incurred
in the event of a loss of use of the City’s offices in the Municipal Auditorium resulting
from a peril covered in the building and contents coverage.
ELECTRICAL EQUIPMENT
This coverage is included under the building and content coverage.
PAGE 3 OF 3 PAGES
AGENDA ITEM NO. 9.D
FLOOD AND EARTHQUAKE
The limit of this coverage is $211,555,424 and provides $250,000 per occurrence
deductible. Flood and Earthquake limit is the aggregate limi t for all losses occurring
during the fund year.