DEPARTMENT: Finance
DEPARTMENT HEAD: Troy Elliott, CPA
COUNCIL DISTRICTS IMPACTED: City Wide
SUBJECT:
Extension of Property, Fine Arts and Inland Marine Insurance
SUMMARY:
This ordinance authorizes the City Manager or her designee to pay premiums to extend the City of San Antonio's property insurance, fine arts insurance and inland marine insurance for a period of 62 days, through 04/30/2016 for a total cost of $272,398.00. This extension allows the opportunity to align the renewal dates for these policies with the City's remaining commercial insurance policies. A common renewal date will ensure operational and administrative efficiencies, as well as reductions in premium.
The property coverage is currently placed with FM Global for a 2-year term through 02/28/2016. The premiums for the first and second years were $1,235,546.00 and $1,241,786.00, respectively. The additional cost to extend this policy through 04/30/2016 is $255,613.00.
The fine arts coverage is currently placed with AXA Art Insurance Company for a 1-year term through 02/28/2016 with an annual premium of $40,884.00. The additional cost to extend this policy through 04/30/2016 is $7,712.00.
The inland marine coverage is currently placed with XL Specialty Insurance Company for a 1-year term through 02/28/2016 with an annual premium of $48,253.00. The additional cost to extend this policy through 04/30/16 is $9,073.00.
BACKGROUND INFORMATION:
The City of San Antonio owns, furnishes and leases buildings to conduct City business. Covered property includes the buildings, the machinery used to heat and cool the buildings, contents, the electronic and data processing equipment, and the fleet of automobiles and trucks operated by the City. The total value of all covered property is $3.12 billion.
The City also owns or borrows fine arts pieces for placement in various City facilities. Covered property includes paintings, statues, manuscripts, ...
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