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Home My WebLink About~Master - Contract for FY 2013/14 property insurance RESOLUTION NO. 13-291 RESOLUTION APPROVING RENEWAL OF PROPERTY INSURANCE FOR FY 2013/14 FOR THE CITY OF AMES,IOWA WHEREAS,the insurance policies for the City's property(buildings and contents)coverage expire on June 30, 2013; and, WHEREAS, on July 1, 2012, Council approved staff recommendations to make major changes to the City's property insurance program,with the first major change splitting the program and utilizing two primary insurance policies: 1) Non-power related facilities coverage for FY 2012/2013 Chubb Group supplied "Muni" coverage; and, 2) Power Plant and related power generation assets for FY 2012/2013 AEGIS supplied "Power" coverage; and, WHEREAS, this split in the program permitted more flexibility and pricing advantages in the marketplace; and, WHEREAS, the second major change was the City's adoption of a new approach on evaluating how much risk it should appropriately transfer and finance through insurance versus self- assumption; and, WHEREAS, the program that is being considered is similar to the coverage that was approved in July 2012, with minor coverage updates due to new property appraisals; and, WHEREAS, to date, City staff has been very satisfied with the coverage and the services offered by the insuring companies; and, WHEREAS,the total cost of the property insurance proposal for FY 2013/14 is$5,752 less than the budget amount. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa, that the proposed insurance renewal quotes obtained by our broker,Willis,for the"Muni"buildings from Chubb Group,for the"Power"facilities from AEGIS,and for the Excess Flood insurance from RSUI are hereby approved. ADOPTED THIS 25'day of June, 2013. rl.All�a) IiAAo A. "V. Diane R. Voss, City Clerk Ann H. Campbell, Mayor Introduced by: Davis Seconded by: Goodman Voting aye: Davis, Goodman, Larson, Szopinski, Wacha Voting nay: None Absent: Orazem Resolution declared adopted and signed by the Mayor this 25`h day of June, 2013.