...Title
Approval of Citywide Insurance Renewals.
...Recommendations
Adopt a resolution authorizing the Director of Finance or designee to:
(a) Select and purchase City property, liability, and executive risk insurance policies for the period of October 1, 2023, to October 1, 2024, at a total cost not-to-exceed $3,919,533 as well as an 18% contingency for additional property or assets scheduled, subject to the appropriation of funds, with the following insurance carriers:
(1) Factory Mutual Insurance Company for Property Insurance, including Boiler & Machinery and Terrorism Risk Insurance Act Coverage;
(2) Beazley Syndicate 2623/623 at Lloyd’s for Terrorism Insurance;
(3) The Princeton Excess and Surplus Lines Insurance Company and Arch Specialty Insurance Company for $15 million in Excess Flood Insurance on a 50/50 quota share basis;
(4) Gemini Insurance Company for Auto Liability Insurance for the vehicle fleets at the San José Mineta International Airport (Airport) and San José - Santa Clara Regional Wastewater Facility;
(5) Hanover Insurance Company for Auto Physical Damage for the Airport shuttle buses;
(6) Lexington Insurance Company for Secondary Employment Law Enforcement Professional Liability;
(7) Arch Insurance Company for Accidental Death, Accidental Dismemberment, and Paralysis Policy for the Police Air Support Unit;
(8) Great American Insurance Company for Government Fidelity/Crime Coverage; and
(9) AGCS Marine Insurance Company for Auto Physical Damage for the Police Department grant-funded vehicles and equipment.
(b) Select and purchase Additional Liability Insurance for the period October 22, 2023, to October 22, 2024, at a cost ranging from $500,000 to $1,250,000, subject to the appropriation of funds.
CEQA: Not a Project, File No. PP17-003, Agreements/Contracts (New or Amended) resulting in no physical changes to the environment. (Finance)