HomeMy WebLinkAboutItem 10 - Flood & Revenue Losses Insurance MEMO TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: BRUNO RUMBELOW, CITY MANAGER �0-
MEETING DATE: DECEMBER 19, 2017
SUBJECT: APPROVAL FOR CONTRACT FOR FLOOD PROPERTY
DAMAGE AND BUSINESS INCOME INSURANCE COVERAGE
RECOMMENDATION:
City Council to consider award of an annual contract with Western World Insurance
Company for flood insurance coverage.
FUNDING SOURCE:
Funds are available in account 100-45541-109-001 (Property Insurance) in the estimated
annual amount of$69,000.
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 Vineyards Campground and the Golf Course.
Western World Insurance Company provided the best coverage and most competitive rate
for flood insurance. 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.