Report to Carson Reclamation Authority
Tuesday, February 06, 2018
Consent
SUBJECT:
Title
RATIFY THE EXTENSION OF COVERAGE AND APPROVE PAYMENT FOR A BUILDER'S RISK POLICY THROUGH LEXINGTON INSURANCE COMPANY, AND A GENERAL LIABILITY POLICY THROUGH FIRST SPECIALTY INSURANCE COMPANY, PROCURED THROUGH JLT SPECIALTY INSURANCE SERVICES, INC., IN AN AGGREGATE PREMIUM AMOUNT NOT TO EXCEED $11,310.72, INCLUDING APPLICABLE SURPLUS LINES TAXES AND STAMPING FEES
Body
I. SUMMARY
In January, 2017 the CRA procured insurance policies in the area of Comprehensive General Liability ("GL") and Builder's Risk ("BR") for the period of one year. These policies are different from the Pollution Legal Liability ("PLL") and Contractor's Pollution Liability ("CPL/PLI"), in that they do not insure the pollution risk, but rather they insure traditional risks that typically occur on a project. The policies were set to expire at the end of January, 2018, and will be replaced by a comprehensive "wrap" insurance program developed jointly with Macerich. However, the wrap, or Owner Controlled Insurance Program ("OCIP") are not expected to be in place until April, once all the other agreements with Macerich are finalized.
This action ratifies the action of the Executive Director to bind the two policies (the GL and BR) for a short period in order to avoid a gap in liability coverage, until the comprehensive program in place, and to pay the $11,310.72 due to JLT Specialty Insurance Services, Inc., the CRA's insurance broker. This would extend the BR policy to April 25, 2018 and the GL policy to April 1, 2018. It is possible the GL policy will need to be extended again in March based on its expiration term.
II. RECOMMENDATION
Recommendation
RATIFY THE EXTENSION OF COVERAGE AND APPROVE PAYMENT FOR A BUILDER'S RISK POLICY THROUGH LEXINGTON INSURANCE COMPANY, AND A GENERAL LIABILITY POLICY THROUGH FIRST SPECIALTY INSURANCE COMPANY, PROCURED THROUGH JLT SPECIALTY INSURANCE SERVICES, IN...
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