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HomeMy WebLinkAbout~Master - 2015/16 Annual Premium for Power and Municipal properties RESOLUTION NO. 15-358 RESOLUTION APPROVING 2015/16 ANNUAL PREMIUM FOR POWER AND MUNICIPAL PROPERTIES BROKERED BY WILLIS OF ILLINOIS FOR THE CITY OF AMES,IOWA WHEREAS,two components are involved in renewing the City's property insurance for the upcoming fiscal year—the second is accepting the actual renewal premium quotations for the City's property insurance program; and, WHEREAS,the Council is asked to consider renewal premium quotations for the two-part insurance program("Power"properties and"Municipal"properties); and, WHEREAS,the proposed insurance renewal quotes obtained by the City's broker,Willis of Illinois,Inc.,for the"Municipal"buildings from Chubb Group,for the Excess Flood insurance from RSUI, and for the"Power"and related facilities from AEGIS,provide appropriate coverage for the City's property assets; and, WHEREAS, the FY 2015/16 program is essentially the same as the expiring FY 2014/15 insurance coverages, except for the change in terrorism coverage, which is once again included in AEGIS' insurance policy due to the federal renewal of the Terrorism Risk Insurance Act (TRIA); and, WHEREAS, total premiums for FY 2015/16 total $662,857; however, with the Willis of Illinois broker contract in the amount of$45,000, the total cost now becomes $707,857. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa, that the proposed 2015/16 Annual Premium for "Power" and "Municipal" property coverage, brokered by Willis of Illinois, for a total program cost of$707,857 is hereby approved. ADOPTED THIS 9t'day of June, 2015. `Y- / A. tom• Diane R. Voss, City Clerk Ann H. Campbell, Mayor Introduced by: Nelson Seconded by: Betcher Voting aye: Betcher, Corrieri, Gartin,Nelson, Orazem Voting nay: None Absent: Goodman Resolution declared adopted and signed by the Mayor this 91''day of June, 2015.