Report to Carson Reclamation Authority
Tuesday, April 03, 2018
Consent
SUBJECT:
Title
RATIFY THE EXTENSION OF COVERAGE THROUGH JUNE 1, 2018 AND APPROVE PAYMENT FOR A BUILDER'S RISK POLICY THROUGH LEXINGTON INSURANCE COMPANY IN THE AMOUNT OF $2,549.00 PLUS $81.57 IN SURPLUS LINES TAXES AND STAMPING FEES, AND A GENERAL LIABILITY POLICY THROUGH FIRST SPECIALTY INSURANCE COMPANY IN THE AMOUNT OF $4,174.00 PLUS $133.57 IN SURPLUS LINES TAXES AND STAMPING FEES, PROCURED THROUGH JLT SPECIALTY INSURANCE SERVICES
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 would be replaced by a comprehensive "wrap" insurance program developed jointly with Macerich. However, the wrap, or Owner Controlled Insurance Program ("OCIP") was not expected to be in place until April, once all the other agreements with Macerich were finalized. On February 6, 2018 the Board ratified an extension of coverage of the two policies until April (the BR policy expires April 25, 2018 and the GL policy expired April 1, 2018), when the Macerich agreements were anticipated to be completed and the wrap program (described below) could be placed. That date is now anticipated to be mid-May, requiring another short-term extension of the two policies until June 1, 2018.
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 aggregate $6,938.14 due to JLT Specialty Insurance Services, Inc., the CRA's insurance...
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