HomeMy WebLinkAbout~Master - Property & boiler & machinery insurance coverages RESOLUTION NO. 05-280
RESOLUTION APPROVING PROPERTY AND BOILER AND MACHINERY COVERAGES
WITH FM GLOBAL
FOR THE CITY OF AMES
WHEREAS,the policy for the City's property and boiler and machinery coverages expires on July
1, 2005, and the current carrier is Hartford Steam Boiler Insurance Company, a subsidiary ofAIG; and,
WHEREAS,the account is placed using Starr Technical Agency,and AIG owns 30%of the CV
Starr Agency; and,
WHEREAS, staff has explored other insurance options for these coverages during the last six
months, as the market for these coverages has improved; and,
WHEREAS,we continue to face constriction in the number of carriers who will consider writing
business for power plants and our Resource Recovery facility; and,
WHEREAS,FM Global is one of the largest commercial and industrial property insurers in the
world, and it is a mutual insurance company owned by its policy holders; and,
WHEREAS,in evaluating proposals from Starr Tech and FM Global,staff evaluated two criteria
that was felt to be critical to the relationship with a carrier: loss control and internal engineering support;
and,
WHEREAS, in both areas,FM Global was,by far, a better fit with the City's organization; and,
WHEREAS, the local FM Global engineers would be able to provide on-site training seminars
on topics that we request, and it has a state-of-the-art information center where publications, videos,
training packages, forms, and checklists are available.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa, that
the proposal from FM Global for property and boiler and machinery coverage in the amount of$426,000
is hereby approved.
ADOPTED THIS 28`h day of June, 2005.
i 1 1 • U�
Diane R. Voss, City Clerk Ted Tedesco, Mayor
Introduced by: Cross
Seconded by: Mahayni
Voting aye: Cross, Goodman,Mahayni,Vegge,Wirth
Voting nay: None Absent: Goodhue
Resolution declared adopted and signed by the Mayor this 28'day of June, 2005.