HomeMy WebLinkAboutResolution No. 2022-490=11-a0=0
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Municipal Airport; and,
WHEREAS, Ace Property and Casualty Insurance Company through CHUBB provided the lowest quote
for acceptable coverage; and,
WHEREAS, the premium for coverage for the period July 1, 2022 through June 30, 2023 is $48,139; and,
WHEREAS, the additional optional coverages in the event of War, Terrorism Risk Insurance Act, were
waived because of the additional premium cost of $4,814 each or $6,017 combined for the policy period;
and,
WHEREAS, purchasing high -quality coverage at competitive preen iiums for Airport Owners, and Operators
Liability Insurance for FY23 is iin the City's and WI users of the Kenai Municipal Airport best interest,
NOW', THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF KENAI, ALASKA:
!!III INEIIII! illl!llii IIIIRMI i �!g� I
PASSED BY THE COUNCIL OF THE CITY OF KENAI, ALASKA, THIS 15T"DAY OF JUNE, 2022,
Brian Gabriel Sr., Mayor
AT -8'T%_.,
Michelle MMC, City Clerk
Approved by Finance.
TO: Mayor Gabriel and Council! Members
THROUGH- Paul Ostrander, City Manager
FROM: Terry Eubank, Finance Director
DATE: June 7, 2022
SUBJECT: Resolution 2022-49 Authorizing Binding of Airport Owners and
Operators Liability Insurance for the period July '1, 2022 through June
30,2023.,
Each year the City goes through a process of purchasing liability insurance for its operations at
the Kenai Municipal Airport. The City's broker, HUB International Limited, solicited quotes from
two insurers. Ace Property and Casualty Insurance Company through CHUBB provided the
lowest quote for acceptable coverage.
Coverage includes annual aggregate limits for operations of $100,0010,000 and personal injury
annual aggregate limits of $50,000,000i for an annual premium of $48,319. The City will be
waiving additional coverage for War, Terrorism Risk Insurance Act because of the additional
premium of $4,814 each or $6,017 combined,
Based upon the quality of coverage and compefifive rates I recommend binding coverage with
Ace Property and Casualty insurance Company through CHUBB.