HomeMy WebLinkAboutItem 10 - Flood Insurance MEMO TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: BRUNO RUMBELOW, CITY MANAGER��
MEETING DATE: DECEMBER 20, 2016
SUBJECT: APPROVAL FOR CONTRACT FOR FLOOD PROPERTY
DAMAGE AND BUSINESS INCOME INSURANCE COVEAGE
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$64,000.
BACKGROUND:
The City's consultant Hub International Insurance Services secured a renewal proposal
for flood insurance for locations that could not be written with our primary carrier One
Beacon Government Risk. These locations include the Vineyards Campground and the
Golf Course. Hallmark Specialty Insurance Company and Lloyd's of London are the only
carriers that would provide a quote for this policy because the City has an open flood claim
from December 2015. Staff recommends this policy since the City's prior policy helped
offset the flood and revenue losses from the May 2015 flood. This is a one year contract.
12/13/2016 3:58:58 PM