HomeMy WebLinkAbout~Master - Renewal of property and boiler-machinery coverages RESOLUTION NO. 04-283
RESOLUTION APPROVING RENEWAL OF PROPERTY AND
BOILER-MACHINERY COVERAGES
FOR THE CITY OF AMES
WHEREAS, the policy for the City's property (building and contents) and boiler and
machinery coverages expires on July 1, 2004; and,
WHEREAS,the coverages are currently placed with AIG/Hartford Steam Boiler,and it has
been the carrier for the City since July 1, 2001; and,
WHEREAS, the market for these coverages has improved in terms of pricing since the
renewal from last year,however,the number of carriers that can provide the coverages continues to
diminish; and,
WHEREAS, with the shrinking market, it is very prudent to renew the relationship for
another year; and,
WHEREAS,AIG has continued to provide excellent loss control services to our departments
as well as being flexible with loss control suggestions; and,
WHEREAS, the pricing structure for the property and boiler-machinery coverages will be
$372,477 for Fiscal Year 2004/05, which is actually$63,523 less than the adopted budget.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that the renewal of property and boiler-machinery coverages with AIG/Hartford Steam Boiler in the
amount of$372,477 is hereby approved.
ADOPTED THIS 22nd day of June, 2004.
Diane R. Voss, City Clerk Ted Tedesco, Mayor
Introduced by: Goodhue
Seconded by: Cross
Voting aye: Cross, Goodhue, Goodman, Mahayni, Vegge, Wirth
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 22nd day of June, 2004.