HomeMy WebLinkAbout~Master - Renewal of contract for property coverage and boiler/machinery coverage RESOLUTION NO. 11-331
RESOLUTION APPROVING RENEWAL OF CONTRACT FOR
PROPERTY COVERAGE AND BOILER AND MACHINERY COVERAGE
FOR FY 2011/12
FOR THE CITY OF AMES
WHEREAS,the insurance policy for the City's property(building and contents) and boiler
and machinery coverage expires on June 30, 2011, and FM Global has provided this coverage for
the past seven fiscal years; and,
WHEREAS,FM Global has informed City staff that because FM Global was hit extremely
hard around the world by losses,all of its customers are seeing general rate increases,and in addition
to the increased premium, the City of Ames will not be eligible for a membership credit in FY
2011/12 as was received the previous year.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that the proposal from FM Global for property coverage and boiler and machinery coverage during
fiscal year 2011/12 in the amount of$677,330.00 is hereby approved.
ADOPTED THIS 28 h day of June, 2011.
Diane R. Voss, City Clerk Ann H. Campbell, Mayor
Introduced by: Davis
Seconded by: Goodman
Voting aye: Davis, Goodman, Mahayni, Larson, Orazem, Wacha
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 28'day of June, 2011.