HomeMy WebLinkAboutItem 08 - Flood Insurance CoverageMEMO TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
MEETING DATE: DECEMBER 15, 2015
SUBJECT: APPROVAL FOR CONTRACT FOR FLOOD PROPERTY
DAMAGE AND BUSINESS INCOME INSURANCE COVERAGE
RECOMMENDATION:
City Council to consider award of an annual contract with Hallmark Specialty Insurance
Company and Lloyd's of London for flood insurance coverage.
FUNDING SOURCE:
Funds are available in account 100-45541-109-1 (Property Insurance) in the estimated
annual amount of $67,000.
f�-TeT:Z�111�1i�
The City's consultant, Hub International Insurance Services secured proposals for flood
insurance for locations that could not be written with our primary carrier One Beacon
Government Risk. These locations are in flood zones AE and A: Meadowmere Park,
Trawick Pavilion, Oak Grove Softball & Baseball Parks, The Vineyards Campground,
Katie's Woods, and Grapevine Golf Course.
City staff reviewed the proposals and determined that Hallmark Specialty Insurance
Company and Lloyd's of London would provide the best policy and pricing for meeting the
needs of the City. The City's prior policy helped offset the flood and revenue losses from
the May 2015 flood. This is a one year contract.
Staff recommends approval.
12/9/2015 11:21:15 AM