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Renewal of Various RTA Insurance Coverages 2021-2022
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DESCRIPTION: Renewal of various insurance coverages for policy period 2021-2022.
AGENDA NO: Click or tap here to enter text.
ACTION REQUEST:
? Approval ? Review Comment ? Information Only ? Other Authorization
RECOMMENDATION:
recommendation
Authorize the Chief Executive Officer to proceed with renewal of specified insurance coverages for the policy period 6/1/21-6/1/22.
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ISSUE/BACKGROUND:
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RTA annually renews a group of various insurance coverages on June 1st. These include Overhead Catenary Systems ["OCS"], Property/Excess Property, Public Officials/Employee Liability, Crime, and Flood. The 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: $5M.
Property/Excess Property: Total Insured Value of $111,146,093, extending to thirteen (13) locations, inclusive of buildings and contents. Total limits: $25M.
Public Entity - Errors and Omissions: $5M per wrongful act, covering public officials/employees for errors or omissions in duty.
Crime: $1M/$500,000 limits, covering forgery and alteration, on-premises/off-premises theft and burglary, computer fraud, funds transfer fraud, and related financial crime.
Flood: Thirteen (13) locations. Limits of $500,000 per building, with exception of chassis wash and guard shack at ENO.
Details of the respective coverages can be found in the Resolution and associated attachments.
For comparative purposes, the total cost for these respective coverages for policy period 2...
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