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Various RTA Insurance Coverages 2024-2025
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DESCRIPTION: Renewal of various insurance coverages for policy period 2024-2025.
AGENDA NO: Click or tap here to enter text.
ACTION REQUEST:
? Approval ? Review Comment ? Information Only ? Other
RECOMMENDATION:
recommendation
Authorize the Chief Executive Officer, or her designee, to proceed with renewal of specified insurance coverages for the policy period 6/1/24-6/1/25 in the amount of $2,391,134.57.
[NOTE: Parametric (hurricane) coverage, currently in force and discussed below, will expire on 8/31/24; renewal approval is sought today for policy period 9/1/24-6/1/25.]
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ISSUE/BACKGROUND:
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RTA has historically renewed a group of various insurance coverages on June 1st of each year. These include Overhead Catenary Systems ["OCS"], Property, Public Entity/Employment Practices Liability, Crime, and Flood. A relatively new coverage, termed "Parametric", specifically designed to cover hurricane/named storm damage, was approved by the Board of Commissioners and secured in Third Quarter of CY 2023. All policies are marketed and placed by the RTA insurance broker of record, The Kennedy Financial Group of Louisiana, Inc., and provide optimal coverage at the most competitive cost.
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DISCUSSION:
It is necessary that RTA proceed with renewal of these insurance coverages through the RTA broker of record, The Kennedy Financial Group of Louisiana, Inc., on a timely basis:
Overhead Catenary Coverage ["OCS"]: Total Insured Value of $29,060,797, covering all catenary lines in RTA streetcar system, including wires and poles. Total limits: $12M.
Property: Total Insured Value of $120,311,275, extending to thirteen (13) locations, inclusive of buildings and contents, in addition to corollary structures (station stops, substations, etc.) and the land-based portion of the Canal Street Ferry Terminal.
Public Entity/Employment Practices Liability: $5M per wrongful act, covering public officials/employees fo...
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