HomeMy WebLinkAboutItem 13 - Flood Insurance CoverageMEMO TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: BRUNO RUMBELOW, CITY MANAGER
MEETING DATE: DECEMBER 18, 2018
SUBJECT: APPROVAL FOR CONTRACT FOR FLOOD PROPERTY DAMAGE AND
BUSINESS INCOME INSURANCE COVERAGE
RECOMMENDATION: City Council to consider award of an annual renewal contractfor flood
insurance coverage with Western World Insurance Company.
FUNDING SOURCE: Funds are available in account 100-45541-109-001 (Property Insurance)
in the estimated annual amount of $65,000.
BACKGROUND: The City's consultant Hub International Insurance Services secured
renewal proposals for flood insurance for locations that could not be
written with our primary carrier, Travelers Insurance. These locations
include the Lake Parks and the Golf Course.
Western World Insurance Company was the only carrier to provide a
proposal out of 21 carriers. Western World Insurance will provide flood
property damage coverage for the Lake Parks and the Golf Course.
However, it will only provide business income insurance coverage for the
Lake Parks. 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.