Sparks City Council Meeting 6/11/2018 2:00:00 PMMonday, June 11, 2018 2:00 PM
Council Chambers, Legislative Bldg, 745 4th St., Sparks, NV
General Business: 9.4
Total Costs: $264,616.00
Fund: Joint Treatment Plant Account: 603065
Program: TMWRF Administration (131500)
Amount: $264,616.00 Budget Status: Over Budget (See Budget Correction Plan)
Budget Correction Plan:
Policy expense budgeted for expense to occur in Fiscal 2019.
A Business Impact Statement is not required because this is not a rule.
This is the annual renewal of insurance policies purchased for TMWRF to protect its financial interest relating to potential accidental losses. This staff report covers the periodic renewal of policies specific to Property/Contents. This agenda item also seeks to authorize the Contracts and Risk Manager to execute the necessary paperwork associated with those policies.
TMWRF purchases commercial property coverage to protect against losses relating to its property and contents (including boiler and machinery exposures). Additionally, a Pollution Liability policy is carried at the facility and renewed on a 3-year cycle which is not due in the coming fiscal year. General liability coverage (to cover premises exposures and acts of its employees) is managed under the City’s master General Liability policies and programs. A spreadsheet detailing the Commercial Property Policy is attached.
The City continues to work to control losses and limit exposure through the Risk Committee and working with departments to identify potential exposures.
The premium for property coverage in fiscal year 2019 is indicating a maximum increase of no-more-than 8% ($19,316) and can be tied to market conditions in the insurance market.
The total estimated premium depicted on the attached spreadsheet may be adjusted upward or downward, depending on variations in actual exposures throughout the course of the policy year.
There are no coverage level changes proposed for this policy period.
- The City Council may approve the item as recommended.
- The City Council may reject the recommendation of staff.
- The City Council may choose not to approve the purchase of insurance policies for 2018-2019, but direct the City Manager further.
I move to approve the purchase various commercial insurance policies to protect the financial interests of the Truckee Meadows Water Reclamation Facility in an amount not-to-exceed $264,616 for fiscal year 2019 and authorize the Contracts and Risk Manager to execute policy documents.
Insurance Cost Grid-City Fiscal 2019.pdf