Report to Carson Reclamation Authority
Tuesday, September 04, 2018
Consent
SUBJECT:
Title
RATIFY THE EXTENSION OF COVERAGE FOR THE PERIOD JUNE 1, 2018 THROUGH JULY 31, 2018 AND APPROVE PAYMENT FOR A BUILDER'S RISK POLICY THROUGH LEXINGTON INSURANCE COMPANY IN THE AMOUNT OF $4,530.48 FOR PREMIUMS, SURPLUS LINES TAXES, AND STAMPING FEES, AND A GENERAL LIABILITY POLICY THROUGH FIRST SPECIALTY INSURANCE COMPANY IN THE AMOUNT OF $4,322.02 FOR PREMIUMS, SURPLUS LINES TAXES, AND STAMPING FEES, PROCURED THROUGH JLT SPECIALTY INSURANCE SERVICES; AND, RATIFY THE EXTENSION OF COVERAGE FOR THE PERIOD AUGUST 1, 2018 THROUGH SEPTEMBER 30, 2018 AND APPROVE PAYMENT FOR A BUILDER'S RISK POLICY THROUGH LEXINGTON INSURANCE COMPANY IN THE AMOUNT OF $4,530.48 FOR PREMIUMS, SURPLUS LINES TAXES, AND STAMPING FEES, AND A GENERAL LIABILITY POLICY THROUGH FIRST SPECIALTY INSURANCE COMPANY IN THE AMOUNT OF $4,322.02 FOR PREMIUMS, SURPLUS LINES TAXES, AND STAMPING FEES, ALSO PROCURED THROUGH JLT SPECIALTY INSURANCE SERVICES
Body
I. SUMMARY
This matter has been carried over from the August 7, 2018 Carson Reclamation Authority agenda due to no quorum on August 7, 2018.
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"), which replaces the pre-development GL policy, was not expected to be in place until April, once all the other agreements with Macerich were finalized. On February 6, 2018 the Board therefore ratifie...
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