Res 080-2011 9/6/2011
RESOLUTION NO. _80-2011_
Resolution Awarding A Proposal For Insurance To Texas Municipal
League Intergovernmental Risk Pool In The Amount Of $113,457
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 three 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 & contents, boiler &
machinery, extra-expense, and electrical equipment insurance to Texas Municipal
League Intergovernmental Risk Pool’s in the amount of $113,457.
th
PASSED AND APPROVED this the 6 day of September, 2011.
______________________________
M A Y O R
ATTEST:
___________________
City Clerk
INSURANCE PROPOSAL TABULATION
BOILER AND
ELECTRICAL
BLDG. & EXTRA MACHINERY
EQUIPMENT
CONTENT EXPENSE $100,000
$10,000 DED.
DED.
BARNARD INSURANCE AGENCY, LLP
$145,120 $2,689 INC. IN B&C INCL. IN B&C
(TRAVELERS)
INCL. IN B&C
TEXAS MUNICIPAL LEAGUE $113,457 INC. IN B&C INCL. IN B&C
$250,000 DED
WELLS FARGO $153,613 INC. IN B&C INCL. IN B&C INCL. IN B&C
EXPLANATION OF TYPES OF COVERAGES
BUILDING AND CONTENTS
The limit of this coverage is $145,368,473 and provides a $100,000 per occurrence
deductible. This is a Blanket Fire and Extended Coverage, Earthquakes and Floods,
Fire Collapse, Explosion, Vandalism, Malicious Mischief, and Wind and Hail.
BOILER AND MACHINERY
This insurance provides coverage of $5,000,000 per occurrence, with a $10,000
deductible. The policy provides coverage for all Boiler and Machinery type equipment
such as pumps, motors, air-conditioning (large units) and other related equipment.
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 policy.
ELECTRICAL EQUIPMENT
This coverage provides replacement cost valuation, 100% co-insurance, and has a
$10,000 per occurrence deductible. Shipping limit is $10,000.