14873I RESOLUTION NO. 14,873
2
3 A RESOLUTION TO AUTHORIZE THE CITY MANAGER TO ENTER
4 INTO A CONTRACT WITH ALLIANT INSURANCE COMPANY, IN THE
5 COMBINED TOTAL AMOUNT OF NINE HUNDRED SIXTY-EIGHT
6 THOUSAND, THREE HUNDRED EIGHTY-FIVE DOLLARS ($968,385.00),
7 FOR PROPERTY AND CASUALTY INSURANCE FOR CITY BUILDINGS
8 AND STRUCTURES; AND FOR OTHER PURPOSES.
9
10 WHEREAS, it is necessary for the City to insure its various buildings and structures, valued at Five
11 Hundred Two Million Dollars ($502,000,000.00) for damage from fire and other matters, and the Statement
12 of Values includes property of the Arkansas Arts Center and MEMS; and,
13 WHEREAS, the City's current Property Insurance coverage ends on October 31, 2018; and,
14 WHEREAS, the City's Property Insurance Broker has solicited bids for the Property Insurance and
15 the proposal from Alliant Insurance Company represents the lowest bid with higher coverage levels; and,
16 WHEREAS, Alliant's standard contract year begins on July 15t, creating an eight (8) -month short -
17 term from November 1, 2018, through June 30, 2019, then a twelve (12) -month term beginning July 1,
18 2019, through, and including, June 30, 2020; and,
19 WHEREAS, the City's Property Insurance estimated prorated premium is Three Hundred Eighty -Six
20 Thousand, Seventy -Eight Dollars ($386,078.00) for November 1, 2018, through June 30, 2019, and Five
21 Hundred Eighty -Two Thousand, Three Hundred Seven Dollars ($582,307.00) for July 1, 2019, through
22 June 30, 2020.
23 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY
24 OF LITTLE ROCK, ARKANSAS:
25 Section 1. The City Manager is authorized to enter into an agreement with Alliant Insurance Company
26 in the amount of Nine Hundred Sixty -Eight Thousand, Three Hundred Eighty -Five Dollars ($968,385.00)
27 to provide Property and Casualty Insurance for City buildings and structures in the November 1, 2018 —
28 June 30, 2020, time frame.
29 Section 2. Funds for this agreement are available as a 2019/2020 Budget Line Item for Property
30 Insurance.
31 Section 4. Severability. In the event any title, section, paragraph, item, sentence, clause, phrase, or
32 word of this resolution is declared or adjudged to be invalid or unconstitutional, such declaration or
33 adjudication shall not affect the remaining portions of the resolution which shall remain in full force and
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effect as if the portion so declared or adjudged invalid or unconstitutional were not originally a part of the
resolution.
Section 5. Repealer. All laws, ordinances, resolutions, or parts of the same, that are inconsistent with
the provisions of this resolution, are hereby repealed to the extent of such inconsistency.
ADOPTED: October 1, 2018
AT��1 i APPROVED:
City Clerk
-�rO LEGAL FORM:
Thomas M. Carpenter, City Attor
AIWI-4-'l �
Mark todola, Mayor
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