Title
RESOLUTION AUTHORIZING AN AGREEMENT WITH THE DULUTH AIRPORT AUTHORITY (DAA) TO INSURE CERTAIN DAA PROPERTY AND EQUIPMENT UNDER THE CITY’S PROPERTY INSURANCE POLICY.
Body
CITY PROPOSAL:
RESOLVED, that the proper city officials are hereby authorized to execute an agreement with the Duluth airport authority (DAA), substantially in the form attached as Exhibit A, pursuant to which certain DAA property and equipment will be insured under the city’s property insurance policy for the period from August 1, 2015 to February 16, 2016, and for which DAA shall pay the city in the amount of $24,747, to be deposited in Fund No. 610-036-1659-4906 (self insurance liabilities, insurance accounts, insurance Airport, other insurance charges).
Statement of Purpose
STATEMENT OF PURPOSE: This resolution authorizes the execution of an agreement with the Duluth airport authority (DAA) pursuant to which DAA-owned buildings and equipment will be insured under the city’s property insurance policy at a cost that will represent a substantial savings to DAA. The city has a blanket property policy with a $100,000 deductible. The DAA’s annual cost for the insurance (from February 16, 2015 to February 16, 2016) would be $47,686. DAA will pay the city a prorated amount of $24,747 for the period from August 1, 2015 to February 16, 2016. The buildings and equipment being insured are attached to the agreement as an Exhibit.