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Home My WebLink About15718 1 RESOLUTION NO. 15,718 2 3 A RESOLUTION TO AUTHORIZE THE CITY MANAGER TO ENTER 4 INTO A CONTRACT WITH TRAVELERS INSURANCE COMPANY, IN 5 THE AMOUNT OF ONE MILLION, TWELVE THOUSAND, SIX 6 HUNDRED THIRTY-THREE DOLLARS($1,012,633.00),FOR PROPERTY 7 AND CASUALTY INSURANCE FOR CITY BUILDINGS AND STRUC- 8 TURES; 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 Thirty-Eight Million, Five Hundred Eighty Thousand, Twenty-Seven Dollars($538,580,027.00) 12 for damage from fire and other matters,and the Statement of Values includes property of the Arkansas Arts 13 Center and MEMS; and, 14 WHEREAS,the City's current Property Insurance coverage ends on June 30, 2022; and, 15 WHEREAS, the City's Property Insurance Broker has solicited bids for the Property Insurance and 16 the proposal from Travelers Insurance Company represents a competitive bid with favorable coverage 17 levels as those expiring June 30, 2022; and, 18 WHEREAS, Travelers' standard contract year begins July 1, 2022, through and including, June 30, 19 2023; and, 20 WHEREAS,the City's Property Insurance estimated premium is One Million,Twelve Thousand, Six 21 Hundred Thirty-Three Dollars($1,012,633.00). 22 NOW,THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY 23 OF LITTLE ROCK,ARKANSAS: 24 Section 1. The City Manager is authorized to enter into an agreement with Travelers Insurance 25 Company in the amount of is One Million, Twelve Thousand, Six Hundred Thirty-Three Dollars 26 ($1,012,633.00)to provide Property and Casualty Insurance for City Buildings and Structures for the term 27 July 1,2022,to June 30, 2023. 28 Section 2. Funds for this agreement are available as a 2022-2023 Budget Line Item for Property 29 Insurance. 30 Section 4. Severability. In the event any title, section, paragraph, item, sentence, clause, phrase, or 31 word of this resolution is declared or adjudged to be invalid or unconstitutional, such declaration or 32 adjudication shall not affect the remaining portions of the resolution which shall remain in full force and 33 effect as if the portion so declared or adjudged invalid or unconstitutional were not originally a part of the 34 resolution. [Page 1 of 21 1 Section 5. Repealer. All laws,ordinances,resolutions,or parts of the same,that are inconsistent with 2 the provisions of this resolution,are hereby repealed to the extent of such inconsistency. 3 ADOPTED: June 21,2022 4 AWI APPROVED: 5 Aar 6 'IAN./ 7 usa L•n_:l Nty Clerk Frank Scott,Jr., ayor 8 APP' ! j_ ' A , LEGAL FORM: 9 10 6 . 11 Thomas M.Carpenter,City Attorn 12 // 13 // 14 // 15 // 16 // 17 // 18 // 19 // 20 // 21 // 22 // 23 // 24 // 25 // 26 // 27 // 28 // 29 // 30 // 31 // 32 // 33 // 34 // 35 // 36 // [Page 2 of 2]