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A001 - Council Action Form dated June 9, 2026
ITEM #:21 DATE:06-09-26 DEPT:HR SUBJECT:PROPERTY INSURANCE RENEWAL FOR FY 2026/27 COUNCIL ACTION FORM BACKGROUND: The City contracts with Willis of Greater Kansas, Inc. (WTW) to provide property insurance brokerage services for the City's property insurance program. Willis has obtained quotes for property insurance coverage for FY 2026/27, and these quotes are now being presented for City Council approval. The City's property insurance program is split into two main components: The "Power" component, which covers Resource Recovery, the Power Plant, and assets related to the electrical infrastructure and includes Terrorism Risk Insurance Act (TRIA) coverage. The "Municipal" component, which covers all other City property including Terrorism Risk Insurance Act (TRIA) coverage. Splitting the City's insurance coverage into two major components allows for an optimization of terms and pricing to fit each insurer's specialty, rather than placing all City property under a one-size-fits-all program. In addition, the broker arranges for flood insurance for the specific properties susceptible to flood damage (CyRide, Water and Pollution Control, and Furman Aquatic Center). The Terrorism Risk Insurance Act (TRIA) is a 2002 law passed after 9/11 which requires commercial insurers to offer terrorism coverage to its commercial insureds. The Act allows the private insurance companies to share the cost of acts of terrorism with the federal government on a percentage basis. Failure to procure TRIA would put the City at financial risk should a certified terrorism event occur. QUOTATION SUMMARY: FY 2026/27 'Municipal' Facilities Renewal (Chubb and RSUI) Chubb 'Municipal' Assets Coverage FY 2026/27 FY 2025/26 Change Indexed Insured Values @ Replacement Cost, including CyRide Buses on Premises $386,562,464 $348,012,912 11.08% Chubb Rate (Premium plus TRIA).1046 .1101 -4.99 Chubb Premium $404,200 $383,000 5.54% 1 TRIA Coverage $22,733 $21,733 4.6% Excess Flood $5M layer (RSUI) for WPC, CyRide and Furman Aquatic Center $70,000 $100,000 -30% Total Municipal Property Premium $496,933 $504,733 -1.55% The municipal property premium is calculated by dividing the indexed insured value by 100, then multiplying the result by the rate. [($386,562,464/100) x .1046] = $404,344 (the quote uses a slightly more precise number for rate, which results in the quote being calculated at $404,200). FY 2026/27 'Power' Facilities Renewal The coverage for the Power facilities remains fixed at $200,000,000. This amount is the maximum that the City has been able to procure from the market. The Council should note that this is less than the value of all the Power facilities combined, meaning that in the extremely unlikely event that all power assets (including the Power Plant, all substations, the combustion turbines, and the Resource Recovery Plant) were destroyed in a single incident, the City would have to finance the portion of the replacement cost that exceeds the coverage limit. The premium is based on the total insured value rather than the policy limit, since a higher valued property has a greater chance of reaching the policy limit compared to a lower valued property. FY 2026/27 FY 2025/26 Change Indexed Insured Values @ Replacement Cost $304,695,284 $300,371,536 1.44% Rate .150 .158 -5.06% Coverage Purchased $200,000,000 $200,000,000 0% TOTAL 'Power' Premium $477,150 $496,230 -3.85% The power property premium is calculated by dividing the indexed insurance value by 100 multiplied by the rate. [($304,695,284/100) x .150] = $457,043 (the quote uses a slightly more precise number for rate, which results in the quote being calculated at $456,750). Added to the premium is TRIA (terrorism) coverage ($20,400) for a total of $477,150. It should be noted that the cost for property coverage for the 'Power' facilities over the past several years has been impacted by the lack of underwriters willing to cover the facilities due to the existence of the waste-to-energy system. Staff has been told that if waste-to-energy concludes and the Power Plant operates as a typical energy generating facility, there is likely more interest among underwriters. It is anticipated that waste-to-energy operations will cease in the first half of calendar year 2027. Staff will work with Willis to prepare to re-market the 'Power' portfolio of covered property once the timing of the transition away from waste-to-energy is better known. The new 2 Resource Recovery & Recycling Campus (R3C) is expected to be added at that time to the 'Municipal' portfolio of properties, covered by Chubb. FY 2026/27 Combined Property Renewal FY 2026/27 FY2025/26 Change Total 'Municipal' Premium $496,933 $504,733 -1.55 % Total 'Power' Premium $477,150 $496,230 -3.84% TOTAL PROPERTY PREMIUM $974,083 $1,000,963 -2.69% The renewal quotes for FY2026/27 reflect a softening of the commercial insurance market. Both 'Municipal' and 'Power' insurers reduced their rate by approximately 5%. However, the increase in property values and the addition of new facilities such as the Fitch Family Aquatic Center and the new Water Pollution Control administrative building kept the City from realizing the full potential of the 5% rate reduction. At the time the FY 2026/27 budget was requested, City staff anticipated an increase in both property values (6%) and rate (15%). Thus, the adopted FY 2026/27 budget includes a total of $1,201,058 for the property insurance premiums: $679,012 for 'Municipal' premiums and $522,046 for 'Power' premiums. The contributions established for each operating budget will be adjusted later in FY 2026/27 to reflect the lower cost of the premiums. ALTERNATIVES: 1. Approve the renewal of the property insurance program coverage at the combined quoted premium of $974,083 for FY 2026/27. 2. Do not approve the renewal of the property insurance program and direct staff to seek additional coverage quotes. CITY MANAGER'S RECOMMENDED ACTION: Willis Towers Watson reviews the City's coverage annually to ensure its properties are properly insured. When appropriate WTW takes the City's coverage to market. This year it was determined that retaining the two incumbent insurers was the most economical. The proposed insurance renewal provides adequate coverage of the City's assets and at a lower than expected cost. Therefore, it is the recommendation of the City Manager that the City Council adopt Alternative No. 1, as described above. ATTACHMENT(S): 2026 07 PROP QUO - CHUBB.pdf City of Ames - Flood Quote - $5M xs $1M (Axis).pdf 2026 07 PROP (Utility) QUOTE Starr.pdf 3 525 W Monroe Street, Suite 700 Chicago, IL 60661 Facsimile (312) 775-7892 Telephone (312) 775-3100 April 13, 2026 City Of Ames, Iowa In care of Willis Towers Watson Licensed Producer: c/o: Shaun White Willis Towers Watson, Po Box 210583 Dallas, TX 75211 Subject: City Of Ames, Iowa Policy Type Policy Number Effective Date Underwriting Company MOD PROP 35848766 07/01/2026 Federal Insurance Company Dear: Shaun We are pleased to provide our Commercial Coverage Proposal for City Of Ames, Iowa. This quote is valid until 07/01/2026. To facilitate your discussion of the coverages with the insured, we have outlined some of the features of the form. Please review the coverages carefully. This proposal outlines the extent of coverage that we will provide on the account and is subject to the terms and conditions of the policies. If you do not see a specific coverage listed on this proposal, it is not provided. Please note that this proposal is subject to several legal requirements and prohibitions, which are described on the cover page of this proposal or within individual sections of the proposal, as appropriate. Please read these descriptions carefully. Thank you for the opportunity to quote this account. We would be happy to discuss this proposal with you in further detail. Please call us if you have any questions. Sincerely, Tantiana Boyd Senior Underwriter Commerical Insurance Underwriting Service Team Phone Email Tantiana Boyd 773-705-0699 Tantiana.Boyd@Chubb.com Ian Gies 312-529-6986 Ian.Gies@Chubb.com 4 2 City Of Ames, Iowa, Thank you for the opportunity to earn your business! In today’s uncertain environment, who protects your business matters more than ever. Together with Willis Towers Watson, we make it our focus to provide our clients with an unmatched level of service. Each business that we insure is more than a policy or premium to us— each is a valued client. We’re experts in our industry, and in yours. We protect many businesses like yours and have expert knowledge in the risks you face today, and will face tomorrow. Our insurance products are backed by cutting-edge risk engineering and claims services to provide you with a holistic approach to managing risk. All of this support allows you to focus on what matters to you most— running your business. We encourage you to check out a new resource center that’s designed to explain the value of being a Chubb client. If you have any questions about the ensuing proposal, please contact Willis Towers Watson. Thank you. Learn more at chubb.com/getchubbinsured *Scores are for personal lines and commercial combined for client surveys conducted by Chubb. ©2019 Chubb. Underwritten by one or more subsidiary companies. Not all coverages available in all jurisdictions. Chubb®, it’s logo and Chubb. Insured.SM are protected trademarks of Chubb. 5 3 COMMERCIAL COVERAGE PROPOSAL FOR CITY OF AMES, IOWA COVER PAGE Submitted to: WILLIS TOWERS WATSON MIDWEST INC WILLIS TOWER CHICAGO, IL 60606 Attn: Shaun Information contained in this proposal is descriptive only. This proposal contains highlights or typical features available in our policies. These features are subject to change based upon underwriting and may or may not be available or apply to your policy. The precise coverage afforded is subject to the terms and conditions of the policies issued. The Company reserves the right, in its sole discretion, to amend or withdraw this Proposal if the Company becomes aware of any new, corrected or updated information that the Company reasonably believes would change its underwriting evaluation. This quotation/proposal contemplates an integrated insurance program that includes all of the lines of business, terms and conditions outlined. The pricing and terms and conditions shown in this quotation/proposal cannot be separated. As such, if you reject individual components of the quote/proposal or any part of the program is cancelled and/or non- renewed, the terms and conditions of the remaining portion of the account are subject to reevaluation by the Company and all elements including program structure, pricing, as well as other terms and conditions will be subject to change. This information is intended for producers that are properly licensed and authorized in at least one of the writing companies that comprise the Chubb Group of Insurance Companies (Chubb). If you are not a licensed and authorized Chubb producer, please direct this communication to the person in your office that holds such designations and contact Chubb to update the contact information for this policy. For promotional purposes, Chubb refers to member insurers of the Chubb Group of Insurance Companies underwriting coverage: Fe deral Insurance Company, Vigilant Insurance Company, Pacific Indemnity Company, Great Northern Insurance Company, Northwestern Pacific Indemnity Company, Texas Pacific Indemnity Company, Chubb Custom Insurance Company, Chubb Indemnity Insurance Company, Chubb Insurance Company of New Jersey, Chubb National Insurance Company, Chubb Lloyds Insurance Company of Texas. Not all insurers do business in all jurisdictions. 6 Page 4 of 35 CITY OF AMES, IOWA PREMIUM SUMMARY Policy Type Premium Commission Payment Options Commercial Property Federal Insurance Company Policy No.: 3584-87-66 $404,200 0% Annual/Agency Bill Property $404,200 Machinery Breakdown Included in Property Taxes and Surcharges $0 0% Prepaid TOTAL ACCOUNT PREMIUM $404,200 Please note the underwriting company in which this quote is being offered. All insurers of the Chubb Group of Insurance Companies share the same financial ratings. The portion attributable to Taxes, Surcharges and Other Charges is an estimate. The Insured is responsible for the total amount, if bound, shown on the premium bill and/or premium summary, regardless of the amount shown above. Terrorism Portion of premium attributable for Terrorism - Included in above premium Property $22,733 *Ensuing Fire $4,303 Machinery Breakdown Included in Property *If you elect not to purchase coverage for terrorism and your policy provides commercial property insurance in a jurisdiction that has a statutory standard fire policy, the premium shown above for Ensuing Fire is the amount attributable to the insurance provided pursuant to that statutory standard fire policy. This coverage cannot be rejected. “Terrorism” refers to terrorism losses covered by the Terrorism Risk Insurance Act of the United States of America (15 USC 6701 note). Please refer to the Important Notice to Policyholders which outlines both the Federal Government’s and the Insurance Company’s obligation of payment under the Terrorism Risk Insurance Act. 7 Page 5 of 35 CUSTOMARQ COMMERCIAL COVERAGE Policy Number: 3584-87-66 Company: Federal Insurance Company Effective Date: July 1, 2026 to July 1, 2027 PREMISES SCHEDULE 1. 515 CLARK AVE, AMES, IA 50010 2. 2207 EDISON ST, AMES, IA 50010 3. 56797 280TH ST, AMES, IA 50010 4. 300 E 5TH ST, AMES, IA 50010 5. 515 DOUGLAS AVE, AMES, IA 50010 6. 1300 BURNETT AVE, AMES, IA 50010 7. 2400 S DUFF AVE, AMES, IA 50010 8. BLOOMINGTON RD WATER TOWER, AMES, IA 50010 9. 500TH ST AT US HWY 30, AMES, IA 50010 10. 320 E 9TH ST, AMES, IA 50010 11. 132 WELCH AVE, AMES, IA 50014 12. SQUAW CREEK AT LINCOLN WAY, AMES, IA 50010 13. STATE AVE AT MORTENSEN RD, AMES, IA 50014 14. 1635 E 13TH ST, AMES, IA 50010 15. 1500 GATEWAY HILLS PARK DR, AMES, IA 50014 16. 1325 6TH ST, AMES, IA 50010 17. 3050 NORTHRIDGE PKWY, AMES, IA 50014 18. 725 E 13TH ST, AMES, IA 50010 19. 5205 GRANT AVE, AMES, IA 50010 20. N SIDE 13TH ST, AMES, IA 50010 21. 2501 PIERCE AVE, AMES, IA 50010 22. 6TH ST AT DUFF AVE, AMES, IA 50010 23. WELCH AVE AT CHAMBERLAIN ST, AMES, IA 50014 24. 500 GRAND AVE, AMES, IA 50010 25. 3020 MORTENSEN RD, AMES, IA 50014 26. 325 BILLY SUNDAY RD, AMES, IA 50010 27. 129 HAYWARD AVE, AMES, IA 50014 28. 1507 GATEWAY HILLS PARK DR, AMES, IA 50014 29. 502 CARROLL AVE, AMES, IA 50010 30. 2208 EDISON ST, AMES, IA 50010 31. AIRPORT ROAD, AMES, IA 50010 32. 601 N UNIVERSITY BLVD, AMES, IA 50010 33. 2511 AIRPORT DR, AMES, IA 50010 34. 2005 EDISON ST, AMES, IA 50010 35. 1800 E 13TH ST, AMES, IA 50010 36. 1510 WATT ST, AMES, IA 50010 37. 401 E 20TH ST, 20TH ST AT DUFF AVE, AMES, IA 50010 38. 2802 ARBOR ST, AMES, IA 50014 39. 115 N ELM AVE, AMES, IA 50010 40. 510 CLARK AVE, AMES, IA 50010 PROPERTY INSURANCE Deductible: $25,000 Waiting Period: 24 Hours 8 Page 6 of 35 Extended Period: Unlimited The information shown above applies to: • all premises coverages; • all additional coverages; and • debris removal coverage, and all premises, unless corresponding specific information is shown as applicable to a specific premises or coverage. Loss Limit of Insurance: $250,000,000 The Loss Limit of Insurance applies to each occurrence (as defined); and for all premises coverages, additional coverages or other coverages. PREMISES COVERAGES - BLANKET LIMITS LIMITS OF INSURANCE Blanket Number and Coverages 1. Building Personal Property $250,000,000 2. EDP Property on Premises $5,251,000 3. Fine Arts on Premises $500,000 4. Accounts Receivable on Premises $10,000,000 5. Valuable Papers on Premises $5,000,000 6. Business Income - Ingress and Egress $1,000,000 7. Leasehold Interest - Undamaged Tenant's Improvements and Betterments $1,000,000 8. Preparation of Loss Fees $50,000 9. Business Income with Extra Expense $5,618,711 PREMISES COVERAGES: If “Blanket” or “Loss Limit” is shown under Limits Of Insurance as applicable to a Premises, please refer to the “Premises Coverages – Blanket Limits” section or the “Loss Limits Of Insurance” section above to determine the Limits Of Insurance applicable to such Premises. “Blanket” limits are numbered for ease of reference. If a specific limit is shown under Limits Of Insurance for a Premises Coverage, that Limit applies to such coverage, even if a “Blanket” limit applies to other Premises Coverage at such premises. LIMITS OF INSURANCE Premises # 1: 515 CLARK AVE, AMES, IA 50010 Building Blanket 1 Automatic Increase in Limits 4% Personal Property Blanket 1 Automatic Increase in Limits 4% Business Income - Ingress and Egress Blanket 6 Business Income with Extra Expense Blanket 9 Automatic Increase in Limits 4% EDP Property on Premises Blanket 2 Fine Arts on Premises Blanket 3 Valuable Papers on Premises Blanket 5 Accounts Receivable on Premises Blanket 4 Leasehold Interest - Undamaged Tenant's Improvements and Betterments Blanket 7 Preparation of Loss Fees Blanket 8 9 Page 7 of 35 Premises # 2: 2207 EDISON ST, AMES, IA 50010 Building Blanket 1 Automatic Increase in Limits 4% Personal Property Blanket 1 Automatic Increase in Limits 4% Business Income - Ingress and Egress Blanket 6 Business Income with Extra Expense Blanket 9 Automatic Increase in Limits 4% EDP Property on Premises Blanket 2 Fine Arts on Premises Blanket 3 Valuable Papers on Premises Blanket 5 Accounts Receivable on Premises Blanket 4 Leasehold Interest - Undamaged Tenant's Improvements and Betterments Blanket 7 Preparation of Loss Fees Blanket 8 Premises # 3: 56797 280TH ST, AMES, IA 50010 Building Blanket 1 Automatic Increase in Limits 4% Deductible $100,000 Personal Property Blanket 1 Automatic Increase in Limits 4% Deductible $100,000 Business Income - Ingress and Egress Blanket 6 Business Income with Extra Expense Blanket 9 Automatic Increase in Limits 4% EDP Property on Premises Blanket 2 Fine Arts on Premises Blanket 3 Valuable Papers on Premises Blanket 5 Accounts Receivable on Premises Blanket 4 Leasehold Interest - Undamaged Tenant's Improvements and Betterments Blanket 7 Preparation of Loss Fees Blanket 8 Premises # 4: 300 E 5TH ST, AMES, IA 50010 Building Blanket 1 Automatic Increase in Limits 4% Deductible $100,000 Personal Property Blanket 1 Automatic Increase in Limits 4% Deductible $100,000 Business Income - Ingress and Egress Blanket 6 Business Income with Extra Expense Blanket 9 Automatic Increase in Limits 4% EDP Property on Premises Blanket 2 Fine Arts on Premises Blanket 3 10 Page 8 of 35 Valuable Papers on Premises Blanket 5 Accounts Receivable on Premises Blanket 4 Leasehold Interest - Undamaged Tenant's Improvements and Betterments Blanket 7 Preparation of Loss Fees Blanket 8 Premises # 5: 515 DOUGLAS AVE, AMES, IA 50010 Building Blanket 1 Automatic Increase in Limits 4% Personal Property Blanket 1 Automatic Increase in Limits 4% Business Income - Ingress and Egress Blanket 6 Business Income with Extra Expense Blanket 9 Automatic Increase in Limits 4% EDP Property on Premises Blanket 2 Fine Arts on Premises Blanket 3 Valuable Papers on Premises Blanket 5 Accounts Receivable on Premises Blanket 4 Leasehold Interest - Undamaged Tenant's Improvements and Betterments Blanket 7 Preparation of Loss Fees Blanket 8 Premises # 6: 1300 BURNETT AVE, AMES, IA 50010 Building Blanket 1 Automatic Increase in Limits 4% Personal Property Blanket 1 Automatic Increase in Limits 4% Business Income - Ingress and Egress Blanket 6 Business Income with Extra Expense Blanket 9 Automatic Increase in Limits 4% EDP Property on Premises Blanket 2 Fine Arts on Premises Blanket 3 Valuable Papers on Premises Blanket 5 Accounts Receivable on Premises Blanket 4 Leasehold Interest - Undamaged Tenant's Improvements and Betterments Blanket 7 Preparation of Loss Fees Blanket 8 Premises # 7: 2400 S DUFF AVE, AMES, IA 50010 Building Blanket 1 Automatic Increase in Limits 4% Personal Property Blanket 1 Automatic Increase in Limits 4% Business Income - Ingress and Egress Blanket 6 Business Income with Extra Expense Blanket 9 11 Page 9 of 35 Automatic Increase in Limits 4% EDP Property on Premises Blanket 2 Fine Arts on Premises Blanket 3 Valuable Papers on Premises Blanket 5 Accounts Receivable on Premises Blanket 4 Leasehold Interest - Undamaged Tenant's Improvements and Betterments Blanket 7 Preparation of Loss Fees Blanket 8 Premises # 8: BLOOMINGTON RD WATER TOWER, AMES, IA 50010 Building Blanket 1 Automatic Increase in Limits 4% Personal Property Blanket 1 Automatic Increase in Limits 4% Business Income - Ingress and Egress Blanket 6 Business Income with Extra Expense Blanket 9 Automatic Increase in Limits 4% EDP Property on Premises Blanket 2 Fine Arts on Premises Blanket 3 Valuable Papers on Premises Blanket 5 Accounts Receivable on Premises Blanket 4 Leasehold Interest - Undamaged Tenant's Improvements and Betterments Blanket 7 Preparation of Loss Fees Blanket 8 Premises # 9: 500TH ST AT US HWY 30, AMES, IA 50010 Building Blanket 1 Automatic Increase in Limits 4% Personal Property Blanket 1 Automatic Increase in Limits 4% Business Income - Ingress and Egress Blanket 6 Business Income with Extra Expense Blanket 9 Automatic Increase in Limits 4% EDP Property on Premises Blanket 2 Fine Arts on Premises Blanket 3 Valuable Papers on Premises Blanket 5 Accounts Receivable on Premises Blanket 4 Leasehold Interest - Undamaged Tenant's Improvements and Betterments Blanket 7 Preparation of Loss Fees Blanket 8 Premises # 10: 320 E 9TH ST, AMES, IA 50010 Building Blanket 1 Automatic Increase in Limits 4% 12 Page 10 of 35 Personal Property Blanket 1 Automatic Increase in Limits 4% Business Income - Ingress and Egress Blanket 6 Business Income with Extra Expense Blanket 9 Automatic Increase in Limits 4% EDP Property on Premises Blanket 2 Fine Arts on Premises Blanket 3 Valuable Papers on Premises Blanket 5 Accounts Receivable on Premises Blanket 4 Leasehold Interest - Undamaged Tenant's Improvements and Betterments Blanket 7 Preparation of Loss Fees Blanket 8 Premises # 11: 132 WELCH AVE, AMES, IA 50014 Building Blanket 1 Automatic Increase in Limits 4% Personal Property Blanket 1 Automatic Increase in Limits 4% Business Income - Ingress and Egress Blanket 6 Business Income with Extra Expense Blanket 9 Automatic Increase in Limits 4% EDP Property on Premises Blanket 2 Fine Arts on Premises Blanket 3 Valuable Papers on Premises Blanket 5 Accounts Receivable on Premises Blanket 4 Leasehold Interest - Undamaged Tenant's Improvements and Betterments Blanket 7 Preparation of Loss Fees Blanket 8 Premises # 12: SQUAW CREEK AT LINCOLN WAY, AMES, IA 50010 Building Blanket 1 Automatic Increase in Limits 4% Personal Property Blanket 1 Automatic Increase in Limits 4% Business Income - Ingress and Egress Blanket 6 Business Income with Extra Expense Blanket 9 Automatic Increase in Limits 4% EDP Property on Premises Blanket 2 Fine Arts on Premises Blanket 3 Valuable Papers on Premises Blanket 5 Accounts Receivable on Premises Blanket 4 Leasehold Interest - Undamaged Tenant's Improvements and Betterments Blanket 7 Preparation of Loss Fees Blanket 8 13 Page 11 of 35 Premises # 13: STATE AVE AT MORTENSEN RD, AMES, IA 50014 Building Blanket 1 Automatic Increase in Limits 4% Personal Property Blanket 1 Automatic Increase in Limits 4% Business Income - Ingress and Egress Blanket 6 Business Income with Extra Expense Blanket 9 Automatic Increase in Limits 4% EDP Property on Premises Blanket 2 Fine Arts on Premises Blanket 3 Valuable Papers on Premises Blanket 5 Accounts Receivable on Premises Blanket 4 Leasehold Interest - Undamaged Tenant's Improvements and Betterments Blanket 7 Preparation of Loss Fees Blanket 8 Premises # 14: 1635 E 13TH ST, AMES, IA 50010 Building Blanket 1 Automatic Increase in Limits 4% Personal Property Blanket 1 Automatic Increase in Limits 4% Business Income - Ingress and Egress Blanket 6 Business Income with Extra Expense Blanket 9 Automatic Increase in Limits 4% EDP Property on Premises Blanket 2 Fine Arts on Premises Blanket 3 Valuable Papers on Premises Blanket 5 Accounts Receivable on Premises Blanket 4 Leasehold Interest - Undamaged Tenant's Improvements and Betterments Blanket 7 Preparation of Loss Fees Blanket 8 Premises # 15: 1500 GATEWAY HILLS PARK DR, AMES, IA 50014 Building Blanket 1 Automatic Increase in Limits 4% Personal Property Blanket 1 Automatic Increase in Limits 4% Business Income - Ingress and Egress Blanket 6 Business Income with Extra Expense Blanket 9 Automatic Increase in Limits 4% EDP Property on Premises Blanket 2 Fine Arts on Premises Blanket 3 Valuable Papers on Premises Blanket 5 14 Page 12 of 35 Accounts Receivable on Premises Blanket 4 Leasehold Interest - Undamaged Tenant's Improvements and Betterments Blanket 7 Preparation of Loss Fees Blanket 8 Premises # 16: 1325 6TH ST, AMES, IA 50010 Building Blanket 1 Automatic Increase in Limits 4% Personal Property Blanket 1 Automatic Increase in Limits 4% Business Income - Ingress and Egress Blanket 6 Business Income with Extra Expense Blanket 9 Automatic Increase in Limits 4% EDP Property on Premises Blanket 2 Fine Arts on Premises Blanket 3 Valuable Papers on Premises Blanket 5 Accounts Receivable on Premises Blanket 4 Leasehold Interest - Undamaged Tenant's Improvements and Betterments Blanket 7 Preparation of Loss Fees Blanket 8 Premises # 17: 3050 NORTHRIDGE PKWY, AMES, IA 50014 Building Blanket 1 Automatic Increase in Limits 4% Business Income - Ingress and Egress Blanket 6 Business Income with Extra Expense Blanket 9 Automatic Increase in Limits 4% EDP Property on Premises Blanket 2 Fine Arts on Premises Blanket 3 Valuable Papers on Premises Blanket 5 Accounts Receivable on Premises Blanket 4 Leasehold Interest - Undamaged Tenant's Improvements and Betterments Blanket 7 Preparation of Loss Fees Blanket 8 Premises # 18: 725 E 13TH ST, AMES, IA 50010 Building Blanket 1 Automatic Increase in Limits 4% Business Income - Ingress and Egress Blanket 6 Business Income with Extra Expense Blanket 9 Automatic Increase in Limits 4% EDP Property on Premises Blanket 2 Fine Arts on Premises Blanket 3 Valuable Papers on Premises Blanket 5 Accounts Receivable on Premises Blanket 4 15 Page 13 of 35 Leasehold Interest - Undamaged Tenant's Improvements and Betterments Blanket 7 Preparation of Loss Fees Blanket 8 Premises # 19: 5205 GRANT AVE, AMES, IA 50010 Building Blanket 1 Automatic Increase in Limits 4% Business Income - Ingress and Egress Blanket 6 Business Income with Extra Expense Blanket 9 Automatic Increase in Limits 4% EDP Property on Premises Blanket 2 Fine Arts on Premises Blanket 3 Valuable Papers on Premises Blanket 5 Accounts Receivable on Premises Blanket 4 Leasehold Interest - Undamaged Tenant's Improvements and Betterments Blanket 7 Preparation of Loss Fees Blanket 8 Premises # 20: N SIDE 13TH ST, AMES, IA 50010 Building Blanket 1 Automatic Increase in Limits 4% Business Income - Ingress and Egress Blanket 6 Business Income with Extra Expense Blanket 9 Automatic Increase in Limits 4% EDP Property on Premises Blanket 2 Fine Arts on Premises Blanket 3 Valuable Papers on Premises Blanket 5 Accounts Receivable on Premises Blanket 4 Leasehold Interest - Undamaged Tenant's Improvements and Betterments Blanket 7 Preparation of Loss Fees Blanket 8 Premises # 21: 2501 PIERCE AVE, AMES, IA 50010 Building Blanket 1 Automatic Increase in Limits 4% Business Income - Ingress and Egress Blanket 6 Business Income with Extra Expense Blanket 9 Automatic Increase in Limits 4% EDP Property on Premises Blanket 2 Fine Arts on Premises Blanket 3 Valuable Papers on Premises Blanket 5 Accounts Receivable on Premises Blanket 4 Leasehold Interest - Undamaged Tenant's Improvements and Betterments Blanket 7 Preparation of Loss Fees Blanket 8 16 Page 14 of 35 Premises # 22: 6TH ST AT DUFF AVE, AMES, IA 50010 Building Blanket 1 Automatic Increase in Limits 4% Personal Property Blanket 1 Automatic Increase in Limits 4% Business Income - Ingress and Egress Blanket 6 Business Income with Extra Expense Blanket 9 Automatic Increase in Limits 4% EDP Property on Premises Blanket 2 Fine Arts on Premises Blanket 3 Valuable Papers on Premises Blanket 5 Accounts Receivable on Premises Blanket 4 Leasehold Interest - Undamaged Tenant's Improvements and Betterments Blanket 7 Preparation of Loss Fees Blanket 8 Premises # 23: WELCH AVE AT CHAMBERLAIN ST, AMES, IA 50014 Building Blanket 1 Automatic Increase in Limits 4% Business Income - Ingress and Egress Blanket 6 Business Income with Extra Expense Blanket 9 Automatic Increase in Limits 4% EDP Property on Premises Blanket 2 Fine Arts on Premises Blanket 3 Valuable Papers on Premises Blanket 5 Accounts Receivable on Premises Blanket 4 Leasehold Interest - Undamaged Tenant's Improvements and Betterments Blanket 7 Preparation of Loss Fees Blanket 8 Premises # 24: 500 GRAND AVE, AMES, IA 50010 Building Blanket 1 Automatic Increase in Limits 4% Business Income - Ingress and Egress Blanket 6 Business Income with Extra Expense Blanket 9 Automatic Increase in Limits 4% EDP Property on Premises Blanket 2 Fine Arts on Premises Blanket 3 Valuable Papers on Premises Blanket 5 Accounts Receivable on Premises Blanket 4 Leasehold Interest - Undamaged Tenant's Improvements and Betterments Blanket 7 Preparation of Loss Fees Blanket 8 17 Page 15 of 35 Premises # 25: 3020 MORTENSEN RD, AMES, IA 50014 Building Blanket 1 Automatic Increase in Limits 4% Business Income - Ingress and Egress Blanket 6 Business Income with Extra Expense Blanket 9 Automatic Increase in Limits 4% EDP Property on Premises Blanket 2 Fine Arts on Premises Blanket 3 Valuable Papers on Premises Blanket 5 Accounts Receivable on Premises Blanket 4 Leasehold Interest - Undamaged Tenant's Improvements and Betterments Blanket 7 Preparation of Loss Fees Blanket 8 Premises # 26: 325 BILLY SUNDAY RD, AMES, IA 50010 Building Blanket 1 Automatic Increase in Limits 4% Personal Property Blanket 1 Automatic Increase in Limits 4% Business Income - Ingress and Egress Blanket 6 Business Income with Extra Expense Blanket 9 Automatic Increase in Limits 4% EDP Property on Premises Blanket 2 Fine Arts on Premises Blanket 3 Valuable Papers on Premises Blanket 5 Accounts Receivable on Premises Blanket 4 Leasehold Interest - Undamaged Tenant's Improvements and Betterments Blanket 7 Preparation of Loss Fees Blanket 8 Premises # 27: 129 HAYWARD AVE, AMES, IA 50014 Personal Property Blanket 1 Automatic Increase in Limits 4% Business Income - Ingress and Egress Blanket 6 Business Income with Extra Expense Blanket 9 Automatic Increase in Limits 4% EDP Property on Premises Blanket 2 Fine Arts on Premises Blanket 3 Valuable Papers on Premises Blanket 5 Accounts Receivable on Premises Blanket 4 Leasehold Interest - Undamaged Tenant's Improvements and Betterments Blanket 7 Preparation of Loss Fees Blanket 8 18 Page 16 of 35 Premises # 28: 1507 GATEWAY HILLS PARK DR, AMES, IA 50014 Building Blanket 1 Automatic Increase in Limits 4% Personal Property Blanket 1 Automatic Increase in Limits 4% Business Income - Ingress and Egress Blanket 6 Business Income with Extra Expense Blanket 9 Automatic Increase in Limits 4% EDP Property on Premises Blanket 2 Fine Arts on Premises Blanket 3 Valuable Papers on Premises Blanket 5 Accounts Receivable on Premises Blanket 4 Leasehold Interest - Undamaged Tenant's Improvements and Betterments Blanket 7 Preparation of Loss Fees Blanket 8 Premises # 29: 502 CARROLL AVE, AMES, IA 50010 Building Blanket 1 Automatic Increase in Limits 4% Personal Property Blanket 1 Automatic Increase in Limits 4% Business Income - Ingress and Egress Blanket 6 Business Income with Extra Expense Blanket 9 Automatic Increase in Limits 4% EDP Property on Premises Blanket 2 Fine Arts on Premises Blanket 3 Valuable Papers on Premises Blanket 5 Accounts Receivable on Premises Blanket 4 Leasehold Interest - Undamaged Tenant's Improvements and Betterments Blanket 7 Preparation of Loss Fees Blanket 8 Premises # 30: 2208 EDISON ST, AMES, IA 50010 Building Blanket 1 Automatic Increase in Limits 4% Personal Property Blanket 1 Automatic Increase in Limits 4% Business Income - Ingress and Egress Blanket 6 Business Income with Extra Expense Blanket 9 Automatic Increase in Limits 4% EDP Property on Premises Blanket 2 Fine Arts on Premises Blanket 3 Valuable Papers on Premises Blanket 5 Accounts Receivable on Premises Blanket 4 19 Page 17 of 35 Leasehold Interest - Undamaged Tenant's Improvements and Betterments Blanket 7 Preparation of Loss Fees Blanket 8 Premises # 31: AIRPORT ROAD, AMES, IA 50010 Building Blanket 1 Automatic Increase in Limits 4% Business Income - Ingress and Egress Blanket 6 Business Income with Extra Expense Blanket 9 Automatic Increase in Limits 4% EDP Property on Premises Blanket 2 Fine Arts on Premises Blanket 3 Valuable Papers on Premises Blanket 5 Accounts Receivable on Premises Blanket 4 Leasehold Interest - Undamaged Tenant's Improvements and Betterments Blanket 7 Preparation of Loss Fees Blanket 8 Premises # 32: 601 N UNIVERSITY BLVD, AMES, IA 50010 Building Blanket 1 Automatic Increase in Limits 4% Personal Property Blanket 1 Automatic Increase in Limits 4% Business Income - Ingress and Egress Blanket 6 Business Income with Extra Expense Blanket 9 Automatic Increase in Limits 4% EDP Property on Premises Blanket 2 Fine Arts on Premises Blanket 3 Valuable Papers on Premises Blanket 5 Accounts Receivable on Premises Blanket 4 Leasehold Interest - Undamaged Tenant's Improvements and Betterments Blanket 7 Preparation of Loss Fees Blanket 8 Premises # 33: 2511 AIRPORT DR, AMES, IA 50010 Building Blanket 1 Automatic Increase in Limits 4% Business Income - Ingress and Egress Blanket 6 Business Income with Extra Expense Blanket 9 Automatic Increase in Limits 4% EDP Property on Premises Blanket 2 Fine Arts on Premises Blanket 3 Valuable Papers on Premises Blanket 5 Accounts Receivable on Premises Blanket 4 20 Page 18 of 35 Leasehold Interest - Undamaged Tenant's Improvements and Betterments Blanket 7 Preparation of Loss Fees Blanket 8 Premises # 34: 2005 EDISON ST, AMES, IA 50010 Business Income - Ingress and Egress Blanket 6 Business Income with Extra Expense Blanket 9 Automatic Increase in Limits 4% EDP Property on Premises Blanket 2 Fine Arts on Premises Blanket 3 Valuable Papers on Premises Blanket 5 Accounts Receivable on Premises Blanket 4 Leasehold Interest - Undamaged Tenant's Improvements and Betterments Blanket 7 Preparation of Loss Fees Blanket 8 Premises # 35 Bldg # 1: 1800 E 13TH ST, AMES, IA 50010 Building Blanket 1 Automatic Increase in Limits 4% Deductible $100,000 Personal Property Blanket 1 Automatic Increase in Limits 4% Deductible $100,000 Business Income - Ingress and Egress Blanket 6 Business Income with Extra Expense Blanket 9 Automatic Increase in Limits 4% EDP Property on Premises Blanket 2 Fine Arts on Premises Blanket 3 Valuable Papers on Premises Blanket 5 Accounts Receivable on Premises Blanket 4 Leasehold Interest - Undamaged Tenant's Improvements and Betterments Blanket 7 Preparation of Loss Fees Blanket 8 Premises # 35 Bldg # 2: 1800 E 13TH ST, AMES, IA 50010 Building Blanket 1 Automatic Increase in Limits 4% Personal Property Blanket 1 Automatic Increase in Limits 4% EDP Property on Premises Blanket 2 Premises # 36: 1510 WATT ST, AMES, IA 50010 Building Blanket 1 Automatic Increase in Limits 4% Personal Property Blanket 1 Automatic Increase in Limits 4% 21 Page 19 of 35 Business Income - Ingress and Egress Blanket 6 Business Income with Extra Expense Blanket 9 Automatic Increase in Limits 4% EDP Property on Premises Blanket 2 Fine Arts on Premises Blanket 3 Valuable Papers on Premises Blanket 5 Accounts Receivable on Premises Blanket 4 Leasehold Interest - Undamaged Tenant's Improvements and Betterments Blanket 7 Preparation of Loss Fees Blanket 8 Premises # 37: 401 E 20TH ST, 20TH ST AT DUFF AVE, AMES, IA 50010 Building Blanket 1 Automatic Increase in Limits 4% Personal Property Blanket 1 Automatic Increase in Limits 4% Business Income - Ingress and Egress Blanket 6 Business Income with Extra Expense Blanket 9 Automatic Increase in Limits 4% EDP Property on Premises Blanket 2 Fine Arts on Premises Blanket 3 Valuable Papers on Premises Blanket 5 Accounts Receivable on Premises Blanket 4 Leasehold Interest - Undamaged Tenant's Improvements and Betterments Blanket 7 Preparation of Loss Fees Blanket 8 Premises # 38: 2802 ARBOR ST, AMES, IA 50014 Building Blanket 1 Automatic Increase in Limits 4% Business Income with Extra Expense Blanket 9 Automatic Increase in Limits 4% EDP Property on Premises Blanket 2 Fine Arts on Premises Blanket 3 Valuable Papers on Premises Blanket 5 Accounts Receivable on Premises Blanket 4 Leasehold Interest - Undamaged Tenant's Improvements and Betterments Blanket 7 Preparation of Loss Fees Loss Limit Premises # 39: 115 N ELM AVE, AMES, IA 50010 Building Blanket 1 Automatic Increase in Limits 4% Personal Property Blanket 1 22 Page 20 of 35 Automatic Increase in Limits 4% Premises # 40: 510 CLARK AVE, AMES, IA 50010 Building Blanket 1 Automatic Increase in Limits 4% PREMISES COVERAGES LIMITS OF INSURANCE Machinery Breakdown INCLUDED ADDITIONAL COVERAGES – SPECIFIC LIMITS LIMITS OF INSURANCE 16 Storm Sirens At Var $350,880 Auto Physical Damage $2,500,000 Deductible $250,000 Deferred Payments Any Premises $100,000 Errors or Omissions $1,000,000 Mobile Equipment $350,880 Ocean Cargo Goods In Transit $50,000 Personal Property - Any Other Location $2,500,000 Personal Property in Transit $1,000,000 Prohibition of Access Per Occurrence Limit $50,000 Annual Aggregate Limit $100,000 EARTHQUAKE LIMITS OF INSURANCE Policy Annual Aggregate Limit $25,000,000 Earthquake Premises 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40 Premises Annual Aggregate Limit $25,000,000 Per Occurrence Limit $25,000,000 Property Damage Per Premises/Per Occurrence Dollar Deductible $100,000 Waiting Period Per Premises/Per Occurrence (Consecutive Hours) 24 Hours FLOOD LIMITS OF INSURANCE Policy Annual Aggregate Limit $25,000,000 23 Page 21 of 35 Flood (Inundation, Back-Up and Mud Flow Included) Premises 1, 2, 4, 5, 6, 7, 8, 9, 10, 11, 13, 15, 17, 22, 23, 24, 25, 28, 29, 30, 31, 34, 35, 36, 37, 39, 40 Premises Annual Aggregate Limit $25,000,000 Per Occurrence Limit $25,000,000 Per Occurrence Waiting Period (Consecutive Hours) 48 Hours Per Occurrence Dollar Deductible $100,000 Flood (Inundation, Back-Up and Mud Flow Included) Premises 21, 26, 27, 33, 38 Premises Annual Aggregate Limit $2,500,000 Per Occurrence Limit $2,500,000 Per Occurrence Waiting Period (Consecutive Hours) 48 Hours Per Occurrence Dollar Deductible $100,000 Flood (Inundation, Back-Up and Mud Flow Included) Premises 3, 12, 14, 16, 18, 19, 20, 32 Premises Annual Aggregate Limit $1,000,000 Per Occurrence Limit $1,000,000 Per Occurrence Waiting Period (Consecutive Hours) 96 Hours Per Occurrence Dollar Deductible $500,000 WIND/HAIL/HURRICANE DEDUCTIBLES Wind/Hail Premises 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40 Property Damage Per Premises/Per Occurrence Percentage Deductible 2% Property Damage Minimum Dollar Deductible $250,000 Waiting Period Per Premises/Per Occurrence (Consecutive Hours) 48 Hours 24 Page 22 of 35 POLICY FORMS 80-02-0280 07-03 SCHEDULE OF MORTGAGEES/LOSS PAYEES 80-02-1303 03-19 ADD'L PERIL-EQ LIMIT/DED OR WAITING PERIOD 80-02-1428 03-19 ADD'L PERIL-FLOOD LIMIT/DED OR WP PER OCC 80-02-0005 01-18 PROPERTY DECLARATIONS 80-02-0045 03-20 MALICIOUS PROGRAMMING EXCLUSION ADDED 80-02-0177 02-22 FUNGUS CLEAN UP OR REMOVAL PREM COV AMENDED 80-02-0220 01-15 PROPERTY SUPPLEMENTARY DECLARATIONS 80-02-0225 07-03 PROPERTY SUPPLEMENTARY DEC.-BUSINESS INCOME 80-02-0459 11-23 MALICIOUS PROGRAMMING AND SYSTEM - DEF AMEND 80-02-1000 03-19 BUILDING AND PERSONAL PROPERTY 80-02-1004 03-19 BUSINESS INCOME WITH EXTRA EXPENSE 80-02-1018 03-19 EXTRA EXPENSE 80-02-1047 07-03 MOBILE EQUIPMENT 80-02-1097 03-19 PROPERTY/BI CONDITIONS & DEFINITIONS 80-02-1324 10-06 WINDSTORM / HAIL DEDUCTIBLE OR WAITING PERIOD 80-02-1359 06-05 SPECIAL PROPERTY AND BUSINESS INC. DEDUCTIBLE 80-02-1634 07-03 LIMITS OF INS. - LOSS LIMIT OF INS. 80-02-1658 01-15 CAP ON CERT. TERRORISM LOSSES (ALL PREMISES) 80-02-1690 06-05 UNINTENTIONAL ERRORS OR OMMISSIONS 80-02-2208 07-20 VIRUS, BACTERIA OR MICROORGANISM EXCL ADDED 80-02-3712 08-25 IOWA MANDATORY - AMENDED CONDITIONS 80-02-5355 01-15 SPECIAL WAITING PERIOD PROVISION ADDED 80-02-5407 03-19 OCEAN CARGO COVERAGE ADDED 80-02-5698 09-22 ERRORS IN SYSTEMS PROGRAMMING EXCL AMENDED 80-02-5702 10-22 AUTO INCREASE IN LIMITS PROVISION AMENDED 99-10-0996 04-18 IMPORTANT NOTICE-NY LOC INSPECTIONS 25 Page 23 of 35 CUSTOMARQ PROPERTY HIGHLIGHTS The precise coverage afforded is subject to the terms and conditions of the policies issued. The following features are subject to change based upon underwriting and may or may not be available or apply to your policy. VALUATION Replacement Cost Cost of Replacement at any Location Brands & Labels Construction Fees Customs Duties Extended Warranties Ordinance or Law Selling Price on Finished Stock and Sold Personal Property Replacement Cost on Personal Property of Others, Business Personal Property You Lease and Personal Property of Employees Replacement Cost on Research and Development Property if repaired, replaced or reproduced Valuation on Tenants' I & B when not replaced – ACV 24 Months to Decide to Repair or Replace $ 500,000 BLANKET LIMIT OF INSURANCE The automatic blanket limit applies to: Accounts Receivable Electronic Data Processing Property Fine Arts Leasehold Interest - Bonus Payment, Prepaid Rent, Sublease Profit, Tenants’ Lease Interest Leasehold Interest - Undamaged Tenant’s Improvements & Betterments Non-Owned Detached Trailers Outdoor Trees, Shrubs, Plants or Lawns Pair and Set Personal Property of Employees Public Safety Service Charges Research and Development Property Valuable Papers The Blanket Limit of Insurance applies over all of the coverages shown above and may be apportioned at the time of loss. This Blanket Limit of Insurance applies separately at each covered premises shown in the Declarations and is subject to the Property Deductible specified in the Declarations. Separate specific Limits of Insurance may be purchased for any of these coverages. If purchased, the blanket limit of insurance will apply in addition to the specific limit. 26 Page 24 of 35 ADDITIONAL PROPERTY COVERAGES The following Additional Coverages apply separately at each of your premises. In this proposal, any additional limits for these coverages that you have purchased are indicated at the described premises to which the increased limits apply. A policy level deductible applies to each of the Additional Coverages, unless otherwise indicated below or at the described premises. Any other location for: Accounts Receivable $ 75,000 Building Components $ 75,000 EDP Property $ 75,000 Fine Arts $ 75,000 Personal Property $ 75,000 R&D Property $ 75,000 Valuable Papers $ 75,000 Debris Removal 25% of direct damage loss, plus: Premises Shown in the Declarations $ 500,000 Any Other Location $ 50,000 In Transit $ 50,000 Deferred Payments $ 50,000 Exhibition, Fair or Trade Show: EDP Property $ 75,000 Fine Arts $ 75,000 Personal Property $ 75,000 Extra Expense $ 250,000 Fungus Clean-Up or Removal $ 50,000 Installation: Any Job Site $ 50,000 In Transit $ 50,000 In Transit for: Accounts Receivable $ 50,000 Building Components $ 50,000 EDP Property $ 50,000 Fine Arts $ 50,000 Personal Property $ 50,000 Valuable Papers $ 50,000 Loss of Master Key $ 25,000 Loss Prevention Expenses $ 25,000 Mobile Communication Property $ 25,000 Minimum Deductible $3,500 Money & Securities: On Premises $ 25,000 Off Premises $ 25,000 Pollutant Cleanup or Removal $ 50,000 Processing Water $ 25,000 Preparation of Loss Fees $ 25,000 Newly Acquired Premises Or Newly Acquired Or Constructed Property for 180 days Building $5,000,000 Personal Property $2,500,000 Personal Property at Existing Premises $ 100,000 EDP Equipment $2,500,000 Electronic Data $ 250,000 Communication Property $ 250,000 Fine Arts $ 50,000 27 Page 25 of 35 BUSINESS INCOME The limits of insurance shown below are provided for the coverages shown at no additional cost to you. You may purchase increased limits of insurance for an additional premium. Limit of Insurance Any Other Location $ 50,000 Contractual Penalties $ 25,000 Loss of Utilities (excludes Overhead Trans. Lines) $ 25,000 Exhibition, Fair or Trade Show $ 25,000 Ingress & Egress $ 50,000 Newly Acquired Premises – Business Income $250,000 for 180 days Pollutant Clean-Up or Removal $ 25,000 Preparation of Loss Fees $ 25,000 Worldwide Dependent Business Premises $250,000 28 Page 26 of 35 COMMON POLICY CONDITIONS POLICY FORMS 80-02-0463 01-24 CONDITIONS - ADDITIONAL BENEFITS 80-02-9001 06-98 HOW TO REPORT A LOSS 80-02-9090 06-05 COMMON POLICY CONDITIONS 80-02-9766 08-04 IOWA MANDATORY - CANCELLATION AND NONRENEWAL 80-02-9790 03-12 COND - CIVIL UNIONS OR DOMESTIC PARTNERSHIPS 80-02-9800 12-08 INSURING AGREEMENT 99-10-0732 01-15 NOTICE TO POLICYHOLDERS-TRIPRA 99-10-0792 09-04 IMPORTANT NOTICE - OFAC 99-10-0872 06-07 AOD POLICYHOLDER NOTICE The state in which this policy is issued may require that we advise you that if available, the following condition is added to your policy: All references in the policy to “spouse” include a party to a civil union or domestic partnership recognized under the applicable law of the jurisdiction having authority. This proposal does not apply to the extent that trade or economic sanctions or other laws or regulations prohibit Chubb from offering or providing insurance. To the extent any such prohibitions apply, this proposal is void ab initio. 29 Page 27 of 35 Water Sensor Proposal Thank you for doing business with Chubb Insurance. We are always looking for ways to bring value to our insureds and as such, we are excited to offer you our Internet of Things (IoT) water sensor risk mitigation solution as we know that water leaks can not only cause expensive property damage, but also interrupt your company’s ability to continue normal operations. To help prevent water damage before it occurs, Internet of Things (IoT)-powered sensors from StreamLabs, Inc., a Chubb company, provide real-time alerts to leaks and changes in temperature or water pressure that can cause damage to critical infrastructure and valuable assets. The features and benefits of the water leak detection system include: The features and benefits of StreamLabs water leak detection solutions include: • Around the clock remote monitoring for the presence of water leaks, overflows, pipe bursts, etc. • Account management via online portal at no additional cost. • Cellular connection - no need to connect to your internet system. • Automatic alerts via email and SMS text 24/7 to an unlimited number of users. • Ongoing technical support available via phone or email. • Easy to install sensor solution with no need for an electrician, plumber, or contractor. • Extended warranty for the lifetime of a licensed contract. What our customers are saying… “The sensors have been working great. They have saved us a few times already!” College Facility Manager This proposal includes a total of five (5) cellular gateways and 32 sensors at the annual cost outlined in the chart below. Please note that the device count is an estimate, and the final decision count is at your discretion. We are willing to collaborate with you to determine the appropriate sensor count for your specific requirements. In addition to the annual solution fees, please note that there is an additional one-time charge for professional installation services, if required, as well as shipping charges. You have the option to independently install the equipment to save on the professional installation cost. The annual recurring solution cost covers not only the equipment itself but also includes technical support, customer service, access to the online dashboard, 24/7 alert notification via text and email, and warranty coverage for all the equipment. 30 Page 28 of 35 “The sensor did its job. A pump which belongs to our anchor client on the lower level failed on a Friday evening. No damage because of the sensor, but if we didn’t catch it early enough, who knows what would’ve happened. So, I’d consider this a SUCCESS!” Risk Manager of Class A Office Buildings *Each sensor must be approx. 600 to 1,000 ft range of a gateway. Construction type and location will affect cellular range of gateway. **Prices valid 30 days from quotation date. Examples of different buildings Water Sensor Solution Cost per Year (approximate)** Highrise bldg: 36 stories, 526,000 sq ft. 18 gateways and 220 sensors $28,000 Manufacturer: 4 stories, 155,000 sq ft. 6 gateways and 80 sensors $10,000 Mixed Use bldg: 2 stories, 160,000 sq ft. 2 gateways and 44 sensors $5,000 Warehouse: 1 story, 20,000 sq ft. 1 gateway and 16 sensors $2,000 Priority Sensor Locations Include: Near critical and high value equipment susceptible to water damage or freezing temperatures, – Around known sources of potential water release – such as a chilled water pump or hot water boilers, – In areas with heightened risk for water and temperature exposure. We’ve heard from numerous clients that the return on investment of the sensor solution is undeniable – here are three clients’ video testimonials: • Highwoods Properties • Allen County Public Library • Boston Medical Center Please click here to learn more about the sensors and gateway. If you choose to install a water risk mitigation solution, you may qualify for a policy discount. Kindly notify your insurance agent once the system is operational, allowing them to inform your property insurance company to facilitate any applicable policy discounts. If you are interested in learning more, please contact sales@streamlabswater.com. We look forward to hearing from you. Again, thank you for doing business with Chubb! Equipment Quantity Cost per month Annual Cost 4G Cellular Gateway (Signal) - LGMT-CAP3* 5 $30.00 $1,800 Water Sensor - 3 ft rope 20 $8.00 $1,920 Water Sensor -Point of Leak 10 $8.00 $960 Temperature sensor 2 $8.00 $192 Total Solution Fees (recurs annually) $4,872** 31 Page 29 of 35 Devices and products described herein are provided by StreamLabs, Inc., a wholly owned non-insurance subsidiary of Chubb which offers Internet of Things (IoT) enabled water monitoring, leak detection and water shut- off devices and systems for residential and commercial properties. The offer described herein is not an indication that insurance coverage is available under any Chubb policy for any particular incident. Chubb is the marketing name used to refer to subsidiaries of Chubb Limited providing insurance and related services. For a list of these subsidiaries, please visit our website at www.chubb.com. For more information about StreamLabs. 32 Page 30 of 35 This Notice pertains to the following quotation issued by an insurer of the Chubb Group of Insurance Companies. If you have more than one Chubb policy, you will receive individual notice(s) for each policy to which the Terrorism Risk Insurance Act applies. Mailing Date April 13, 2026 Insured Name City Of Ames, Iowa Mailing Street Address 515 Clark Ave Mailing City, State, Zip Ames, Iowa 50010 Policy Type Policy Number Effective Date Underwriting Company Property 35848766 07/01/2026 Federal Insurance Company IMPORTANT NOTICE TO POLICYHOLDER TERRORISM RISK INSURANCE ACT You are hereby notified that pursuant to the Terrorism Risk Insurance Act (the “Act”) we are making available to you insurance for losses arising out of certain acts of terrorism. Terrorism is defined as any act certified by the Secretary of the Treasury of the United States, to be an act of terrorism; to be a violent act or an act that is dangerous to human life, property or infrastructure; to have resulted in damage within the United States, or outside the United States in the case of an air carrier or vessel or the premises of a United States Mission; and to have been committed by an individual or individuals as part of an effort to coerce the civilian population of the United States or to influence the policy or affect the conduct of the United States Government by coercion. You should know that the insurance provided by your policy for losses caused by acts of terrorism is partially reimbursed by the United States of America under the formula set forth in the Act. Under this formula, the United States of America pays 85% of covered terrorism losses that exceed the statutorily established deductible to be paid by the insurance company providing the insurance. Beginning in 2016, the Federal Share will be reduced by 1% per year until it reaches 80%, where it will remain. However, if aggregate insured losses attributable to terrorist acts certified under the Terrorism Risk Insurance Act exceed $100 billion in a calendar year, the Treasury shall not make any payment for any portion of the amount of such losses that exceeds $100 billion. If aggregate insured losses attributable to terrorist acts certified under the Terrorism Risk Insurance Act exceed $100 billion in a calendar year and we have met our insurer deductible under the Terrorism Risk Insurance Act, we shall not be liable for the payment of any portion of the amount of such losses that exceeds $100 billion, and in such case insured losses up to that amount are subject to pro rata allocation in accordance with procedures established by the Secretary of the Treasury. The portion of your annual premium that is attributable to insurance for such acts of terrorism is: $ 22,733 If you elect not to purchase coverage for terrorism and your policy provides commercial property insurance in a jurisdiction that has a statutory standard fire policy, the premium shown here for Ensuing Fire is the amount attributable to the insurance provided pursuant to that statutory standard fire policy. This coverage cannot be rejected. That amount is $ 4,303 Important Notice Form 99-10-0729 (Rev.01-15) Property - Important Notice to Policyholder Page 1 of 3 33 Page 31 of 35 This Notice pertains to the following quotation issued by an insurer of the Chubb Group of Insurance Companies. If you have more than one Chubb policy, you will receive individual notice(s) for each policy to which the Terrorism Risk Insurance Act applies. Mailing Date April 13, 2026 Insured Name City Of Ames, Iowa Mailing Street Address 515 Clark Ave Mailing City, State, Zip Ames, Iowa 50010 Policy Type Policy Number Effective Date Underwriting Company Property 35848766 07/01/2026 Federal Insurance Company Under the Act, you have thirty (30) days from the date of this notice to consider whether or not you wish to maintain insurance for terrorism losses covered by the Act. If you elect not to maintain this insurance, please so indicate by placing an “X” in the space provided on the next page, sign and return this disclosure notice to your agent or broker as soon as possible. By electing not to maintain this insurance, you agree that we may attach a terrorism exclusion or sublimits to your policy. If you do not sign and return this disclosure notice, you will be deemed to have decided to maintain this insurance, subject to the next paragraph. If you elect to maintain this insurance, you must pay the premium disclosed above, otherwise we will avail ourselves of our normal remedies for nonpayment of premium, including cancellation of your policy in accordance with its terms. Important Notice Form 99-10-0729 (Rev.01-15) Property - Important Notice to Policyholder Page 2 of 3 34 Page 32 of 35 This Notice pertains to the following quotation issued by an insurer of the Chubb Group of Insurance Companies. If you have more than one Chubb policy, you will receive individual notice(s) for each policy to which the Terrorism Risk Insurance Act applies. Mailing Date April 13, 2026 Insured Name City Of Ames, Iowa Mailing Street Address 515 Clark Ave Mailing City, State, Zip Ames, Iowa 50010 Policy Type Policy Number Effective Date Underwriting Company Property 35848766 07/01/2026 Federal Insurance Company Rejection of terrorism insurance: I hereby reject terrorism insurance and elect to have a terrorism exclusion, sublimit or other limitation included in my policy. I understand that I will have no, or limited, coverage for losses arising from acts of terrorism. Policyholder/Applicant’s Name: Policyholder/Applicant’s Signature: Date: Important Notice Form 99-10-0729 (Rev.01-15) Property - Important Notice to Policyholder Page 3 of 3 35 Page 33 of 35 IMPORTANT ACTION REQUIRED THIS APPLIES TO NEW YORK CITY LOCATIONS ONLY FAILURE TO ACT CAN RESULT IN NYC DOB FINES OF $1,000 OR MORE PER OBJECT WHICH WILL BE YOUR RESPONSIBILITY Dear : The NYC Department of Buildings now has an online technology where boiler inspections and violations will be entered and records stored. DOB NOW Safety will be the new platform for boiler inspections, as well as other DOB safety related inspections of elevators, facades, electrical and various other inspections. The transition to this system has modified the steps related to filing jurisdictional inspections including new requirements of owner email registration. These steps include: • Owner registration in the DOB NOW Safety System is required prior to filings being accepted. • Licensed Professional/Inspector must input the owner registration information prior to filing. To ensure conformance with the above requirements we are asking all owners of NYC property to register and to ensure that registration information is available to those local management personnel responsible in each building as well as your insurance agent/carrier. Please provide the registration information for your NYC locations on the attached form. Failure to complete registration and provide Chubb with this information will result in our inability to file inspections and can lead to missed inspection fines of $1,000 or more per object. The registration process is quick, taking approximately a total of 5-10 minutes. Supplemental information on the registration process has been included on the attached pages. Please disregard this letter if you have already completed the registration process with the City of New York for all covered locations and advised Chubb of all building registrant information. Should you have any questions, please contact your Chubb representative or email us at nycboilers@chubb.com. Enclosures 36 Page 34 of 35 Building Registrant Owner Form Complete this form for all New York City locations within 30 days and send it to Chubb at: nycboilers@chubb.com April 13, 2026 Customer: CITY OF AMES, IOWA Policy Number: 35848766 Location Address Email Address of Registrant * * If the same registrant applies to all locations, indicate “All Locations” after the email address on the first line FAILURE TO RETURN THIS FORM CAN RESULT IN NYC DOB FINES OF $1,000 OR MORE PER OBJECT. CHUBB WILL NOT ACCEPT RESPONSIBILITY FOR FINES LEVIED BY THE CITY OF NEW YORK DOB RESULTING FROM YOUR FAILURE TO COMPLY. 37 Page 35 of 35 NYC Tip Sheet: Owner Registration in eFiling If you are a Building Owner, Building Manager, or Building Representative, you can: DOB DOB NOW NOW BUILD SAFETY Enter job applications in DOB NOW: Build Review and confirm compliance filings in DOB NOW: Safety Register for DOB NOW: Build or DOB NOW: Safety by creating an eFiling account: 1. Go to www.nyc.gov/dobefiling, and click on the link to ‘Register for electronic filing.’ 2. Fill out the Electronic Filing Account Information form. NOTE: Your address should be your mailing address, not the address of the building you own. 3. Read the Agreement section, and click Submit. 4. You will receive two (2) emails. Your account will not be active until the second email is received. a. In the first email, you must click a link to activate your account. b. The second email confirms your enrollment. Once you receive the second email, your registration in eFiling will take effect the next day. You can then use your eFiling email and password at www.nyc.gov/dobnow. NOTE: If you want to change your account information, such as email, phone, or mailing address, you will have to log in to eFiling. If you have any questions about DOB NOW , please contact www.nyc.gov/dobnowhelp Rick D. Chandler P.E., Commissioner nyc.gov/buildings build safe|live safe 38 540 West Madison St, 9th Floor Chicago, IL 60661 Ph: 312-651-6000 www.rtspecialty.com 026915335A QUOTATION SUMMARY May 21, 2026 Willis Towers Watson Midwest, Inc. Shaun White 233 South Wacker Drive Suite 2000 Chicago, IL 60606 FROM: Maddie Jordan for Ryan Scott Outlined below is a summary of the attached quotation obtained for the above noted Insured. The full quote terms, conditions, limitations, and exclusions can be found on the attached quote. Please pay special attention to those items found on the quote, and note that in the event of any discrepancies between the information found on this summary and the quote itself, the quote supersedes our summary. As the broker with the direct relationship with the Insured, it is your responsibility to carefully review with the Insured the terms, conditions, limitations, and exclusions in the quote, and to specifically reconcile with the Insured any differences between those quoted and those you requested. RT Specialty expressly disclaims any responsibility for any failure on your part to review or reconcile any such differences with the Insured. NAMED INSURED:City of Ames 515 Clark Avenue Ames, IA 50010 PRIMARY RISK ZIP CODE:50010 COVERAGE:Excess Flood INSURER:AXIS Surplus Insurance Company - Non-Admitted POLICY TERM:7/1/2026 - 7/1/2027 ESTIMATED POLICY PREMIUM: $70,000.00 OPTIONAL TRIA:$7,000.00 + Taxes (Optional and in addition to below premium) ESTIMATED SURPLUS LINES TAX: Surplus Lines Tax $647.50 TOTAL TAXES:$647.50 TOTAL:$70,647.50 AGENT COMMISSION:0% 39 540 West Madison St, 9th Floor Chicago, IL 60661 Ph: 312-651-6000 www.rtspecialty.com 026915335A SPECIAL CONDITIONS / OTHER COVERAGES: NO FLAT CANCELLATIONS ALL FEES ARE FULLY EARNED AT INCEPTION For RT Specialty to file the surplus lines taxes on your behalf, please complete the surplus lines tax document (per the applicable state requirements) and return with your request to bind. Due to state regulations, RT Specialty requires tax documents to be completed within 24 to 48 hours of binding. Please be diligent in returning tax forms. HOME STATE FOR NON-ADMITTED RISKS Taxes and governmental fees are estimates and subject to change based upon current rates of the Home State and risk information available at the date of binding. The Home State of the Insured for a non-admitted risk shall be determined in accordance with the Nonadmitted and Reinsurance Act of 2010, 15. U.S.C §8201, etc. (“NRRA”). Some states require the producing broker to submit a written verification of the insured's Home State for our records. The applicable law (if any) of the Home State governing cancellation or non-renewal of non-admitted insurance, including whether any such laws apply to non-admitted risks, shall apply to this Policy. BINDING INSTRUCTIONS We will only bind coverage in writing after we receive a written request from you to bind coverage. If coverage is requested, the subjectivities listed must be submitted: There are subjectivities that: must be complied with or resolved before the contract becomes binding apply both before or after inception, compliance with which is a condition of all or part of the coverage; and apply after the formation of the contract as conditions of continued coverage. Failure to provide or comply with these subjectivities might result in a refusal to bind or cancellation of coverage, at the insurer's option. Please note that this is a quote only, and the Insurer reserves the right to amend or withdraw the quote if new, corrected, or updated information is received. You must notify us of any material change in the risk exposure occurring after submission of the application. If the Insurer binds the risk following your written request, the terms of the policy currently in use by the Insurer will supersede the quote. Any amendments to coverage must be specifically requested in writing or by submitting a policy change request form and then approved by the Insurer. Coverage cannot be affected, amended, extended, or altered through the issuance of certificates of insurance. Underlying Insurers must be rated A- VII or better by A.M. Best. This quote summary, the quote, the fees quoted and our advice, is confidential. This quote summary and the quote constitutes the entire understanding and supersedes any and all agreements and communications respecting the insurance offered. If you need further information about the quote, our fee or the Insurer that is proposing to provide your insurance, please contact us. 40 540 West Madison St, 9th Floor Chicago, IL 60661 Ph: 312-651-6000 www.rtspecialty.com 026915335A PREMIUM FINANCE (If not included in the quote document) If the insured and the insurer agree to bind coverage and the premium will be financed, upon binding, please instruct the premium finance company to send documents to our attention. Premium Finance funds should always be paid to RT Specialty. PRODUCER COMPENSATION: RT Specialty is typically compensated through commission from the insurer for the placement of policies in most transactions. The amount of the commission varies by insurance line and by carrier. RT Specialty might also receive additional compensation. In order to place the insurance requested we may charge a reasonable fee for additional services such as performing a risk analysis, comparing policies, processing submissions, communication expenses, inspections, working with underwriters on the coverage proposal, issuing policies, or servicing the policy after issuance. Any fees charged are fully earned at inception of the policy. Third-party inspection or other fees may be separately itemized upon request. Our fees are applied to new policies, renewal policies, and endorsements. Fees applicable to each renewal and endorsement will be set forth in the quotes. It is the insurance carrier's decision whether to offer the insurance quoted, and your client's decision whether to accept the quote. Our fee is not imposed by state law or the Insurer. Depending upon the Insurer involved with your placement, we might also have an agreement with the Insurer that we are proposing for this placement that might pay us future additional compensation This compensation could be based on formulas that consider the volume of business placed with the Insurer, the profitability of that business, how much of the business is retained for the Insurer's account each year, and potentially other factors. The agreements frequently consider total eligible premium from all clients placed during a calendar year and any incentive or contingent compensation is often received at a future date. Because of variables in these agreements, we often do not have an accurate means at the time of placement to determine the amount of any additional compensation that might be attributable to any single placement. You, as the retail broker with the direct relationship with the Insured, must comply with all applicable laws and regulations related to disclosure of and consent and agreement to, compensation, and informing the Insured that it may request more information about producer or broker compensation that might be paid in connection with the Insured's placement. If we request a copy of any legally required insured consent or agreement, you will provide us with a copy. If you need additional information about the compensation arrangements for services provided by RT Specialty affiliates, please contact your RT Specialty representative. RT Specialty is a division of RSG Specialty, LLC. RSG Specialty, LLC is a Delaware limited liability company and a subsidiary of Ryan Specialty, LLC. In California: RSG Specialty Insurance Services, LLC (License # 0G97516). Unless this quote is amended or withdrawn it is valid for 30 days from the date shown above, or the proposed effective date, whichever is earlier. This quote can be amended or withdrawn at any time prior to acceptance by the insured. If the quote included with this letter provides otherwise, or in any way conflicts with this letter, the terms of the quote shall govern and control. 41 540 West Madison St, 9th Floor Chicago, IL 60661 Ph: 312-651-6000 www.rtspecialty.com 026915335A NOTICE Occurrence Limit of Liability (OLLE) Scheduled Limits ____________________________________________________________________________________ Blanket coverage for first-party property insurance risks has become increasingly difficult to secure and often is not available regardless of price. Please note that your quote may not provide coverage on a blanket basis and, based on current market conditions, a blanket coverage option might not be available. Any reference(s) to an Occurrence Limit of Liability Endorsement (OLLE), margin clause, maximum amount payable, and/or scheduled limits indicate that blanket coverage is not provided. Instead, the amount of recovery afforded by the policy is limited in some respect to the amount(s) set forth on the Statement of Values (SOV) provided to the insurer. This potentially can materially reduce the insured’s recovery in the event of a loss as compared to blanket coverage. Additionally, the policy language for these clauses may vary by insurer and some insurers limit the amount recoverable for extensions of coverage, additional coverages, and additional covered property to the values as shown on the SOV. Please review this quote very carefully to determine if coverage is being offered or provided on a blanket, or some other more limited, basis. As such, we strongly recommend that you confirm that the insured is in agreement that they have provided full and accurate amounts for the values set forth on the SOV. RT Specialty expressly disclaims any responsibility for the accuracy or adequacy of the values provided on an SOV. We also note that all decisions concerning coverage and the application of the terms, provisions, conditions, limitations or exclusions of the policy to any claim are made exclusively by the insurers. 42 540 West Madison St, 9th Floor Chicago, IL 60661 Ph: 312-651-6000 www.rtspecialty.com SURPLUS LINES FILING DECLINATIONS DETAIL NAME OF INDIVIDUAL LICENSEE THAT MADE DILIGENT EFFORT TO PLACE WITH ADMITTED CARRIER: PHYSICAL ADDRESS OF RISK: INDIVIDUAL LICENSE NUMBER: NAME OF INSURED: City of Ames POLICY NUMBER: Document the efforts made to place coverage with an admitted carrier by identifying three admitted carriers marketing the class of business that declined the risk. Please complete this section in its entirety. FULL NAME AND ADDRESS OF ADMITTED CARRIER CARRIER NAIC CODE NAME OF REPRESENTATIVE PHONE NUMBER REASON FOR DECLINATION ☐ I have made a diligent effort to place this insurance with the above admitted carriers which are authorized to transact the kind and class of insurance involved and which are writing insurance on risks of the same kind and class.. OR ☐ This coverage has been verified to be on the applicable state export list. Signature of Producer Date Print Name RT Specialty is a division of RSG Specialty, LLC. RSG Specialty, LLC is a Delaware limited liability company and a subsidiary of Ryan Specialty, LLC. In California: RSG Specialty Insurance Services, LLC (License # 0G97516). 43 AXIS EXCESS INSURANCE (SPECIFIED PERILS) TRIA OFFER DISCLOSURE 0418 Page 1 of 1 POLICYHOLDER DISCLOSURE You are hereby notified that under the Terrorism Risk Insurance Act, as amended (the “Act”), you have a right to purchase insurance coverage for losses resulting from acts of terrorism. As defined in Section 102(1) of the Act, the term “act of terrorism” means any act that is certified by the Secretary of the Treasury—in consultation with the Secretary of Homeland Security, and the Attorney General of the United States—to be an act of terrorism; to be a violent act or an act that is dangerous to human life, property, or infrastructure; to have resulted in damage within the United States, or outside the United States in the case of certain air carriers or vessels or the premises of a United States mission; and to have been committed by an individual or individuals as part of an effort to coerce the civilian population of the United States or to influence the policy or affect the conduct of the United States Government by coercion. YOU SHOULD KNOW THAT WHERE COVERAGE IS PROVIDED BY THIS POLICY FOR LOSSES RESULTING FROM CERTIFIED ACTS OF TERRORISM, SUCH LOSSES MAY BE PARTIALLY REIMBURSED BY THE UNITED STATES GOVERNMENT UNDER A FORMULA ESTABLISHED BY FEDERAL LAW. HOWEVER, YOUR POLICY MAY CONTAIN OTHER EXCLUSIONS WHICH MIGHT AFFECT YOUR COVERAGE, SUCH AS AN EXCLUSION FOR NUCLEAR EVENTS. UNDER THE FORMULA, THE UNITED STATES GOVERNMENT GENERALLY REIMBURSES 85% THROUGH 2015; 84% BEGINNING ON JANUARY 1, 2016; 83% BEGINNING ON JANUARY 1, 2017; 82% BEGINNING ON JANUARY 1, 2018; 81% BEGINNING ON JANUARY 1, 2019 and 80% BEGINNING ON JANUARY 1, 2020, OF COVERED TERRORISM LOSSES EXCEEDING THE STATUTORILY ESTABLISHED DEDUCTIBLE PAID BY THE INSURANCE COMPANY PROVIDING THE COVERAGE. THE PREMIUM CHARGED FOR THIS COVERAGE IS PROVIDED ABOVE AND DOES NOT INCLUDE ANY CHARGES FOR THE PORTION OF LOSS THAT MAY BE COVERED BY THE FEDERAL GOVERNMENT UNDER THE ACT. YOU SHOULD ALSO KNOW THAT THE TERRORISM RISK INSURANCE ACT, AS AMENDED, CONTAINS A $100 BILLION CAP THAT LIMITS U.S. GOVERNMENT REIMBURSEMENT AS WELL AS INSURERS’ LIABILITY FOR LOSSES RESULTING FROM CERTIFIED ACTS OF TERRORISM WHEN THE AMOUNT OF SUCH LOSSES IN ANY ONE CALENDAR YEAR EXCEEDS $100 BILLION. IF THE AGGREGATE INSURED LOSSES FOR ALL INSURERS EXCEED $100 BILLION, YOUR COVERAGE MAY BE REDUCED. If you choose to accept this offer of coverage, you will be charged an additional premium of $7,000.00. In addition, if you choose to accept this offer of coverage, your policy will be endorsed to add AXIS 1012444 0619 Terrorism Exclusion with Coverage for Certified Acts Endorsement. This endorsement provides coverage only for Certified Acts of Terrorism (as defined) and excludes all other terrorism. If you choose to reject this offer of coverage, your policy will be endorsed to add AXIS 1012445 0619 Terrorism Exclusion Endorsement. This endorsement amends the policy to provide a full terrorism exclusion. Includes copyrighted material 2015 National Association of Insurance Commissioners 44 AXIS EXCESS INSURANCE (SPECIFIED PERILS) AXIS QUOTE Q-001-002022111-01 Page 1 of 5 AXIS QUOTE AXIS is pleased to offer the following quote. This quote contemplates AXIS policy forms and endorsements, which may not conform to industry standard policy language, terms and conditions. The terms and conditions of this quote may not conform to the specifications as originally submitted. Please review this quote carefully. This quote expires in 30 days, or on the proposed policy effective date, whichever is earlier (unless extended in writing by AXIS or unless superseded by the binder). NAMED INSURED AND ADDRESS City of Ames, Iowa 515 Clark Ave Ames, IA 50010 BROKER OF RECORD R-T Specialty, LLC DBA R-T Specialty Insurance Services, LLC [Irvine] 2601 Main Street, Suite 450 Irvine, CA 92614 INSURER AXIS Surplus Insurance Company (Non-Admitted) 233 South Wacker Drive, Suite 4930 Chicago, IL 60606 A Stock Insurer POLICY FORM AXIS EXCESS INSURANCE POLICY AXIS 1012463 0424 POLICY NUMBER TBD POLICY PERIOD Effective Date: 07/01/2026 Expiration Date: 07/01/2027 Both dates at 12:01 a.m. standard time at the Named Insured’s address stated herein. POLICY TERRITORY As defined in the Lead Insurance Policy 45 AXIS EXCESS INSURANCE (SPECIFIED PERILS) AXIS QUOTE Q-001-002022111-01 Page 2 of 5 AXIS Base Premium:$70,000 AXIS Premium Attributable to TRIA (included in Total Policy Premium): $7,000 AXIS Total Policy Premium:$77,000 POLICY PREMIUM/FEES Premium based on Total Insured Values of: $114,856,952 AXIS Risk Engineering Fees:$0 BROKER COMMISSION 10% MINIMUM EARNED PREMIUM (percentage of Total Policy Premium) CANCELLATION NOTICE PERCENT OF STATED VALUE COVERAGES COVERED CAUSE OF LOSS - LIMITS OF INSURANCE (excess of applicable underlying limit) AXIS Policy Limit of Insurance AXIS Per Occurrence Limit of Insurance Schedule of Drop Down Sublimited Coverages Coverage AXIS Sublimit of Insurance Flood: Subject to the Policy Limit of Insurance, in no event will we pay more than the per occurrence and, if applicable, aggregate limits set forth herein, regardless of the number of Floods. The sublimits of insurance set forth below for any specified Geographical Territories, if any, are part of and not in addition to this Flood per occurrence and, if applicable, aggregate limit. 46 AXIS EXCESS INSURANCE (SPECIFIED PERILS) AXIS QUOTE Q-001-002022111-01 Page 3 of 5 Flood: High Hazard Flood Zones $5,000,000 per occurrence and in the aggregate excess of $1,000,000 Flood: Zone B or Shaded X or X500 $5,000,000 per occurrence and in the aggregate excess of $1,000,000 LEAD INSURANCE POLICY Coverage Description Chubb Property Insurer TBD Policy Number TBD Limit of Insurance $1,000,000 SCHEDULE OF PROGRAM SUBLIMITS The indicated “Program Sublimits” in the Schedule below are the total applicable limits of insurance for such “Program Sublimited Coverages” available to the Named Insured by all underlying insurers, by AXIS and by any insurer issuing a policy in excess of this policy, in accordance with the terms and conditions of each such policy. If a “Program Sublimit” is exhausted by payments by the underlying insurers, there is no coverage under this policy for the coverage subject to such “Program Sublimit.” In the event that a loss subject to a “Program Sublimit” attaches to our excess layer of insurance and is covered under the terms and conditions of this policy, we will not pay more than our share of the remaining portion of the applicable “Program Sublimit” for such loss, even if application of the AXIS Policy Limit of Insurance would have resulted in us paying a higher amount. Unless a “Program Sublimited Coverage” that is subject to an aggregate sublimit is listed above as a “Drop Down Sublimited Coverage,” this policy will not drop down over such coverage and will always be excess over the maximum limits of the underlying insurance. In accordance with the Changes condition in the CONDITIONS section of this policy, no changes to the “Program Sublimits” are applicable to us without our consent. As per lead Chubb Quote on file as respects to Flood only for locations on SOV Only SCHEDULE OF PROGRAM DEDUCTIBLES As per lead Chubb Quote on file as respects to Flood only for locations on SOV Only COMMENTS: • This quote is based on the terms and conditions noted in the lead Chubb Quote on file. If the lead terms change, we may amend the terms and conditions noted in this quote. We require a complete copy of the lead policy for our files to issue our policy forms if we bind coverage. • As per lead Chubb Quote on file as respects to Flood only for locations on SOV Only 47 AXIS EXCESS INSURANCE (SPECIFIED PERILS) AXIS QUOTE Q-001-002022111-01 Page 4 of 5 SUBJECTIVITIES PRIOR TO BINDING: Copy of Lead Insurer’s binder This quote is strictly conditioned upon (1) no material change in exposure or risk contemplated in this quote occurring between the date of this quote and the inception date of the proposed policy, (2) no material change in the information requested by or submitted to the Insurer, and (3) no receipt of any additional information that the insurer determines would materially impact the risk profile. Applicant is under the continuing duty to report any such change. Failure to do so invalidates this quote. In the event of any such change in exposure or risk or receipt of additional information, the insurer may in its sole discretion modify or withdraw this offer, whether or not this offer has already been accepted by the applicant. Coverage may be bound only pursuant to the terms of a written binder. No authority is granted to the agent or broker to bind coverage. In order to complete the underwriting process, the insurer requires that the applicant provide all requested additional information and reserves the right to refuse to bind coverage prior to receipt and underwriting approval of this information. However, if the insurer does bind coverage prior to receipt and underwriting approval of such information, the terms and conditions indicated above may be amended at the insurer’s sole discretion until such information is received and approved. 48 AXIS EXCESS INSURANCE (SPECIFIED PERILS) AXIS QUOTE Q-001-002022111-01 Page 5 of 5 SCHEDULE OF FORMS & ENDORSEMENTS DOUBLE-CLICK THE PAPERCLIP ICON FOR SPECIMENS: Policyholder Notices and Policy Forms Form Number and Edition Date Surplus Lines Broker Statement AXIS 103 0415 Policyholder Disclosure - Notice of Terrorism Insurance Coverage TRIA OFFER DISCLOSURE 0418 PolicyHolder Notice AXIS 105 0316 Service of Suit AXIS 106 0415 Policyholder Notice - Economic And Trade Sanctions AXIS 906 0316 AXIS Excess Insurance Policy AXIS 1012463 0424 Signature Page AXIS 102ASIC 0415 Endorsements Form Number and Edition Date 1 Minimum Earned Premium Endorsement AXIS 1011730 0618 2 Fines and Penalties Exclusion AXIS 1012453 0221 3 Loss Condition Endorsement - Assignment of Benefits Fully Prohibited AXIS 1013154 0922 4 Pre-Existing Damages Exclusion Endorsement AXIS 1013183 1222 5 Absolute Cyber Exclusion Endorsement AXIS 1013429 0424 6 Fines or Penalties Exclusion Endorsement AXIS 1013430 0424 7 Fungus, Wet Rot or Dry Rot Exclusion Endorsement AXIS 1013431 0424 8 Nuclear Hazard or Biological Hazard Exclusion Endorsement AXIS 1013432 0424 9 Pollutants Exclusion Endorsement AXIS 1013433 0424 10 Virus or Bacteria Exclusion Endorsement AXIS 1013434 0424 11 War and Military Action Exclusion Endorsement AXIS 1013435 0424 12 Windstorm and Hail Exclusion Endorsement AXIS 1013440 0424 13 Cancellation And Nonrenewal Endorsement - Iowa AXIS 801IA 0615 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71