title
titleNapoleon Facility Rehabilitation: Amendment to CDW Services Contract (Builder's Risk Insurance)
end
DESCRIPTION: Requesting Board Authorization to Amend CDW Services contract for Additional Builder's Risk Insurance
AGENDA NO: Click or tap here to enter text.
ACTION REQUEST:
? Approval ? Review Comment ? Information Only ? Other
RECOMMENDATION:
recommendation
Authorize the Chief Executive Officer to amend the CDW Services contract in the amount of $167,983.97 for the procurement of additional builder's risk insurance.
end
ISSUE/BACKGROUND:
body
The Contractor's builder's risk insurance policy was due to expire on September 6, 2023. Builder's risk policy is required to protect the contractor and RTA in the event there is damage to or total destruction of the building prior to substantial completion. The project delivery date of September 30, 2023, was beyond the limits of the original policy and the revised substantial completion has been extended to November 30, 2023, due to additional scope.
end
DISCUSSION:
CDW Services has renewed their policy at the cost of $167,983.97 including their initial down payment of $40,000.00 as the project has been extended through November 30, 2023. As a result of many significant external factors, there have been significant changes to available products and pricing in the insurance industry throughout the Gulf Coast and South Louisiana in the last year. CDW's current insurance agency does not allow month-to-month policies and requires that a policy must be procured to cover an entire calendar year. Their request for quotes from other agencies came back even higher.
FINANCIAL IMPACT:
Including previous change orders, CDW Services current contract value is $5,357,305.63. The confirmed amount for the renewal of the builder's risk insurance policy is $167,983.97. The revised contract value is to be $5,525,289.60.
NEXT STEPS:
Upon Board approval, staff will amend/increase CDW Services contract to inc...
Click here for full text