Report to Carson Reclamation Authority
Tuesday, May 08, 2018
Discussion
SUBJECT:
Title
AUTHORIZE EXECUTIVE DIRECTOR TO APPROVE AND BIND COVERAGE ON A GENERAL LIABILITY OWNER CONTROLLED INSURANCE PROGRAM (OCIP) LED BY TOKIO MARINE/HCC WITH FOUR LAYERS OF EXCESS COVERAGE WITH A $200,000,000 LIMIT OF LIABILITY, AT AN ESTIMATED TOTAL COST OF $2,060,240 INCLUDING BROKER COMMISSION AND SURPLUS LINES TAXES, TO BE SHARED WITH CAM-CARSON, LLC BASED ON CONSTRUCTION VALUE; AND A TERRORISM LIABILITY (GL AND PLL) POLICY LED BY LLOYD'S-TALBOT AS THE SYNDICATE LEADER WITH A $100,000,000 LIMIT OF LIABILITY AT A TOTAL COST OF $123,840 AND A TERRORISM PROPERTY DAMAGE/SABOTAGE (BR) POLICY WITH A LIMIT OF LIABILITY EQUAL TO 100% OF THE REPLACEMENT VALUE OF ALL HORIZONTAL AND VERTICAL CONSTRUCTION COMPONENTS ($392,649,316) AT A TOTAL PREMIUM OF $110,444, BOTH TO BE SHARED WITH CAM-CARSON, LLC BASED ON CONSTRUCTION VALUES, ALL PROCURED THROUGH JLT SPECIALTY INSURANCE SERVICES, INC.
Body
I. SUMMARY
This action authorizes the Executive Director to bind the above-described policies procured through JLT Specialty Insurances Services, Inc.: a General Liability Owner Controlled Insurance Program (OCIP) with a limit of liability of $200,000,000; and two terrorism policies - one general liability and one property damage - in an aggregate amount of nearly $500,000,000. The premiums on all three policies are to be shared with CAM-Carson, LLC, the Cell 2 developer, based on construction values. In this case the Developer pays more than the CRA. A table is included with the premiums and cost share of all the policies.
II. RECOMMENDATION
Recommendation
TAKE the following actions:
1. AUTHORIZE the Executive Director to bind coverage on behalf of the Carson Reclamation Authority on a General Liability Owner Controlled Insurance Program (OCIP) with a limit of liability of $200,000,000, procured through JLT Specialty Insurance Services, Inc. having a term of five years and an aggregate...
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