Broken Arrow City Council
Meeting of: 07-05-2016
To: Mayor and City Council
From: Office of the City Manager
Title:
title
Approval to Purchase the Fiscal Year 2016-17 Property and General Liability Coverage Policy with Hartford Underwriters Insurance Company for the City-Owned Building Occupied by Bass Pro Shops
End
Background:
The annual renewal of the Property and General Liability Insurance for the city-owned building occupied by Bass Pro Shops is presented for City Council approval. Hartford Underwriters Insurance Company currently provides insurance for this facility. It is the recommendation of Staff that Hartford continue to provide the insurance protection at a total annual premium of $45,821.00. This premium represents an increase of $936.00 over the fiscal year 2015-16 premium.
The policy provides property limits of coverage in the amount of $26,875,500.00. It also provides premises liability coverage with limits of $1,000,000.00 per occurrence and $5,000,000 umbrella liability coverage. The policy contains a $100,000.00 wind/hail deductible.
Hartford Insurance Company is rated Superior (A+) by AM Best Company. The insurance coverage satisfies all requirements set forth in the agreements between the City and Bass Pro.
Cost: $45,821.00
Prepared By: Jannette McCormick, Acting Human Resources Director
Reviewed By: Finance Department
Assistant City Manager - Administration
Legal Department
Approved By: Michael L. Spurgeon, City Manager
Attachments: Bass Pro Renewal Letter of Recommendation
Recommendation:
Approve the purchase of the Property and General Liability Coverage Policy with Hartford Underwriters Insurance Company for the building occupied by Bass Pro Shops.