Title
AN ORDINANCE APPROVING A LIABILITY INSURANCE PROGRAM FOR THE LEE'S SUMMIT MUNICIPAL AIRPORT FOR THE PERIOD BEGINNING OCTOBER 15, 2016 AND EXPIRING OCTOBER 15, 2017 WITH THE OPTION OF TWO (2) AUTOMATIC ONE (1) YEAR RENEWALS WITH ACE PROPERTY AND CASUALTY INSURANCE COMPANY, UNDERWRITTEN BY CHUBB AEROSPACE IN AN ANNUAL AMOUNT NOT TO EXCEED $12,650.00 AND AUTHORIZING THE CITY MANAGER TO ENTER INTO AN AGREEMENT WITH ACE PROPERTY AND CASUALTY INSURANCE COMPANY, UNDERWRITTEN BY CHUBB AEROSPACE FOR THE SAME.
Body
Issue/Request:
AN ORDINANCE APPROVING A LIABILITY INSURANCE PROGRAM FOR THE LEE'S SUMMIT MUNICIPAL AIRPORT FOR THE PERIOD BEGINNING OCTOBER 15, 2016 AND EXPIRING OCTOBER 15, 2017 WITH THE OPTION OF TWO (2) AUTOMATIC ONE (1) YEAR RENEWALS WITH ACE PROPERTY AND CASUALTY INSURANCE COMPANY, UNDERWRITTEN BY CHUBB AEROSPACE IN AN ANNUAL AMOUNT NOT TO EXCEED $12,650.00 AND AUTHORIZING THE CITY MANAGER TO ENTER INTO AN AGREEMENT WITH ACE PROPERTY AND CASUALTY INSURANCE COMPANY, UNDERWRITTEN BY CHUBB AEROSPACE FOR THE SAME.
Key Issues:
The Lee's Summit Municipal Airport's current liability insurance program expires on October 15, 2016.
The City engaged its' insurance broker to market the Airport liability insurance program and received a favorable renewal offer from the incumbent carrier which represents a 20% reduction in premium costs, with a guaranteed three year rate of $12,650.00 per year.
In the event that the City determines that additional coverage is needed before the expiration of the three year rate guarantee, it can opt to obtain additional coverage without incuring a penalty through the carrier.
Proposed Committee Motion:
I move to recommend to City Council approval of AN ORDINANCE APPROVING A LIABILITY INSURANCE PROGRAM FOR THE LEE'S SUMMIT MUNICIPAL AIRPORT FOR THE PERIOD BEGINNING OCTOBER 15, 2016 AND EXPIRING OCTOBER 15, 2017 WITH THE OPTION OF TWO (2) AUTOMATIC ONE (1) YEAR RENEWALS WITH ACE PROPERTY AND CASUALTY INSURANCE COMPANY, UNDER...
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