TITLE
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Approval to purchase Builders Risk Insurance including Windstorm Coverage for the Marathon High School Athletic Complex Construction Project in the amount of $25,000
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BACKGROUND INFORMATION
This is to purchase builders risk insurance in the amount of $25,000 for a building construction price of $12,111,505 and windstorm insurance for $1 Million for the Marathon High School Athletic Complex construction project. The quote was obtained through Arthur J. Gallagher and the insurance carrier is Westchester Fire Insurance Company. The following is a brief description of the coverage, please refer to the attached quote and form for more details:
Construction contract price is $12,111,505
Soft Costs are $747,805
Named Storm Windstorm Limit $1 Million
Flood - not covered
Deductible - $10,000 per occurrence of all other perils, except:
Deductible - $25,000 per occurrence Earth Movement
Deductible - $50,000 per occurrence Water Damage (not flood)
Deductible - $100,000 or 5% per occurence Named Windstorm
Policy term: 2/13/2019 through 8/30/2019
BUDGET:
Is this item budgeted: Yes
Budget Amount: $25,000 (This premium is part of the Marathon High School Athletic Complex Project Budget.
CONTACT ORIGINATOR:
James Drake, Executive Director, Finance and Performance
Kathryn Flannery, Employee Benefits and Risk Manager
BOARD MEETING DATE: February 12, 2019
RECOMMENDATION:
Recommendation
Approval to purchase Builders Risk Insurance including Windstorm Coverage for the Marathon High School Athletic Complex Construction Project.