Broken Arrow City Council
Meeting of: 06-15-2017
To: Mayor and City Council
From: Office of the City Manager
Title:
title
Approval to purchase the Fiscal Year 2017-18 Property and General Liability Coverage Policy with The Hartford 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. The Hartford currently provides insurance for this facility. It is the recommendation of staff that The Hartford continue to provide the insurance protection at a total annual premium of $51,379.00.
The policy provides property limits of coverage in the amount of $29,782,174.00. 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.
The Hartford 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.
Funding for the purchase is budgeted in the General Government accounts in both the General Fund and the Broken Arrow Municipal Authority.
Cost: $51,379.00
Prepared By: Jannette McCormick, Human Resources Director
Reviewed By: Finance Department
Russell M. Gale, Assistant City Manager - Administration
Legal Department
Approved By: Michael L. Spurgeon, City Manager
Attachments: Bass Pro Coverage Proposal
Recommendation:
Approve the purchase of the Property and General Liability Coverage Policy with The Hartford for the building occupied by Bass Pro Shops.