Title
A Resolution authorizing the Mayor, on behalf of the Urban County Government, to accept the proposals for FY 2020 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 Westchester Fire Insurance Co. at a cost not to exceed $20,571.74; general, auto, public officials, law enforcement, and professional from Safety National Casualty Corporation at a cost not to exceed $489,805.81; property from Affiliated Factory Mutual (FM) at a cost not to exceed $351,365.00; cyber from ACE American Insurance Co. at a cost not to exceed $21,748.77; pollution from AIG Specialty Insurance Co. at a cost not to exceed $18,992.11; and workers’ compensation from Safety National Casualty Corporation at a cost not to exceed $395,692.00, all subject to sufficient funds being appropriated. [Div. of Risk Management, Johnston]
Summary
Authorization to Renew Excess Property and Casualty Insurance Policies for FY2020. Funds requested in the FY2020 Budget. (L0595-19) (Johnston/Hamilton)
Budgetary Implications [select]: Yes
Advance Document Review:
Law: No
Risk Management: Yes, Completed by Patrick Johnston, 5/22/19
Fully Budgeted [select]: Yes
Account Number: 1101-XXXXXX-XXXX-73101 $940,691.07
1115-XXXXXX-XXXX-73101 $96,779.28
4002-XXXXXX-XXXX-73101 $271,300.84
4051-XXXXXX-XXXX-73101 $2,403.50
This Fiscal Year Impact: $1,311,174.69
Annual Impact:
Project:
Activity:
Budget Reference:
Current Balance: Included in FY 20 Mayor’s Proposed Budget
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 for FY 2020 for excess liability insurance, which are attached hereto and incorporated herein by reference, and to execute, on behalf of the Lexington-Fayette Urban County Government, any necessary contracts or documents with the following insurance companies by and through J. Smith Lanier & Co. - Lexington/Powell Walton Milward as broker: Westchester Fire Insurance Company for aviation; Safety National Casualty Corporation for general, auto, public officials, law enforcement, and professional; Affiliated Factory Mutual (FM) for property; ACE American Insurance Company 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/Powell Walton Milward on behalf of the insurance companies, and/or the companies: Westchester Fire Insurance Company - $20,571.74; Safety National Casualty Corporation - $489,805.81; Affiliated Factory Mutual (FM) - $351,365.00; ACE American Insurance Company - $21,748.77; AIG Specialty Insurance Company - $18,992.11; and Safety National Casualty Corporation - $395,692.00 from FY 2020 account numbers 1101-XXXXXX-73101 ($931,311.05), 1115-XXXXXX-73101 ($95,805.35), 4002-XXXXXX-73101 ($268,722.31), and 4051-XXXXXX-73101 ($2,336.72) 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: