Title
A Resolution authorizing the Mayor, on behalf of the Urban County Government, to accept the proposals for FY2015 for excess liability insurance from, and to execute any necessary contracts and documents on behalf of the Urban County Government with, the following insurance companies and/or their respective broker J. Smith Lanier & Co. - Lexington/Powell Walton Milward: aviation from Old Republic Insurance at a cost not to exceed $8,772.11; general, auto, public officials, law enforcement, and professional from American Alternative Insurance (Munich Re) at a cost not to exceed $513,900.00; property from Affiliated Factory Mutual (FM) at a cost not to exceed $323,643.04; cyber from National Union Fire Insurance Co. of Pittsburgh, PA at a cost not to exceed $28,614.00; pollution from AIG Specialty Insurance Co. at a cost not to exceed $19,954.28; and worker's compensation from Safety National Casualty Corp. at a cost not to exceed $299,778.00, all subject to sufficient funds being appropriated. [Div. of Risk Management, Johnston]
Summary
Authorization to approve FY 2015 Property and Casualty Insurance Renewals for Aviation, Excess Liability (AL/GL/POL), Excess Property, Cyber Liability, Pollution Liability, and Excess Workers' Compensation Insurance. (L0605-14) (Johnston/Hamilton)
This is a request to approve FY 2015 Property and Casualty Insurance Renewals for Aviation, Excess Liability (AL/GL/POL), Excess Property, Cyber Liability, Pollution Liability, and Excess Workers' Compensation Insurance, representing $1,194,661.43 in premiums. Funds are included in the FY 2015 proposed budget.
Budgetary Implications: Yes/NO
Advance Document Review: Law/Risk Management
Fully Budgeted: Yes/No/Partial - FY2015 MPB
Account Number: 1101-XXXXXX-XXXX-73101 $957,640.60
1115-XXXXXX-XXXX-73101 $87,449.22
4002-XXXXXX-XXXX-73101 $142,164.71
4051-XXXXXX-XXXX-73101 $7,406.90
This Fiscal Year Impact: $1,194,661.43 - FY15
Annual Impact: $1,194,661.43 - FY15
Project:
Activity:
Budget Reference:
Current Balance: Included in the FY 2015 proposed budget:
1101-XXXXXX-XXXX-73101 $1,216,810
1115-XXXXXX-XXXX-73101 $111,120
4002-XXXXXX-XXXX-73101 $180,640
4051-XXXXXX-XXXX-73101 $9,410
Body
BE IT RESOLVED BY THE COUNCIL OF THE LEXINGTON-FAYETTE URBAN COUNTY GOVERNMENT:
Section 1 - That the Mayor, on behalf of the Lexington-Fayette Urban County Government, be and hereby is authorized to accept the proposals of excess liability insurance, which are attached hereto and incorporated herein by reference, and to execute, on behalf of the Lexington-Fayette Urban County Government, and necessary contracts or documents with the following insurance companies by and through J. Smith Lanier & Co. - Lexington/Powell Walton Milward as broker: Old Republic Insurance Company for aviation, American Alternative Insurance (Munich Re) for general, auto, public officials, law enforcement, and professional, Affiliated Factory Mutual (FM) for property, National Union Fire Insurance Company of Pittsburgh, PA, for cyber, AIG Specialty Insurance Company for pollution, and Safety National Casualty Corporation for workers' compensation.
Section 2 - That an amount, not to exceed the sums stated, be and hereby is approved for payment to J. Smith Lanier & Co. - Lexington on behalf of the insurance companies, and/or the companies: Old Republic Insurance Company - $8,772.11, American Alternative Insurance (Munich Re) - $513,900.00, Affiliated Factory Mutual (FM) - $323,643.04, National Union Fire Insurance Company of Pittsburgh, PA - $28,614.00, AIG Specialty Insurance Company - $19,954.28, and Safety National Casualty Corporation - $299,778.00 from FY 2015 account numbers 1101-XXXXXX-73101 ($957,640.60), 1115-XXXXXX-73101 ($87,449.22), 4002-XXXXXX-73101 ($142,164.71), and 4051-XXXXXX-73101 ($7,406.90) pursuant to the terms of the proposed contracts, and subject to sufficient funds being appropriated in these accounts.
Section 3 - That this Resolution shall become effective on the date of its passage.
PASSED URBAN COUNTY COUNCIL:
______________________________
MAYOR
ATTEST:
______________________________
CLERK OF URBAN COUNTY COUNCIL