TITLE
Title
Builders Risk Insurance Coverage for the Construction of the New Transportation and Internal Services Facility at 5530 2nd Avenue, Stock Island
end
BACKGROUND INFORMATION
This premium is part of the Transportation and Internal Services Project Budget. The following outlines the coverage and cost:
The policy term is 9/1/2019 to 8/31/2020
The insurance carrier is Westchester Fire Insurance Company
The completed value is $11,104,903 (construction cost of $8,614,339 and soft costs of $2,490,564)
Named Storm Limit $2.5 Million
Flood is excluded
Deductible $10,000 per occurence except deductible named windstorm/hail $100,000 or 5%
Other deductibles as per the attached quote
BUDGET INFORMATION
Item Budgeted? YES
Total Cost: $75,760
Budget Coding: 0110.7900.320.9802.0001
Requisition Attached? N/A
CONTRACT INFORMATION
Contract with: ___
Contract value: $___
Budget coding: ___
Contract Purpose / Description: Builders Risk Insurance Coverage for the Construction of the Transportation and Internal Services Facility at Stock Island
Contract Originator: Kathryn Flannery, x53342, Employee Benefits and Risk Manager
Board Meeting Date: 8/13/2019
RECOMMENDATION
Recommendation
Approval to bind coverage for the Builders Risk Insurance outlined above and quote attached.