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RESOLUTION AUTHORIZING A CONTRACT WITH HANOVER INSURANCE COMPANY FOR PROPERTY INSURANCE AT THE COST NOT TO EXCEED $291,954.16 TO BE PAID TO MARSH & MCLENNAN AGENCY LLC, AGENT FOR HANOVER INSURANCE COMPANY.
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CITY PROPOSAL:
RESOLVED, that the proper city officials are hereby authorized to enter into a contract for property insurance with Hanover Insurance Company from February 16, 2021, through February 16, 2022, insuring city-owned structures, miscellaneous equipment and business personal property, and certain Duluth economic development authority (DEDA), Duluth airport authority (DAA), and Duluth Steam property at the initial cost of not to exceed $291,954.16 payable to Marsh & McLennan Agency LLC, agent for Hanover Insurance Company, payable from the following accounts: Self Insurance Fund 610, Dept./Agency 036 (Insurance Account ), Cost Center 1651 (Insurance-General City) $150,226.28, Cost Center 1652 (Insurance - Water & Gas) $14,555.81, Cost Center 1653 (Insurance - Sewer) $5,872.90, Cost Center 1654 (Insurance - Stormwater) $4,429.19, Cost Center 1656 (Insurance - DEDA) $28,387.71, Cost Center 1659 (Insurance -DAA) $64,482.20, and Cost Center 1664 (Insurance - Steam) $24,000.07, Obj. 5360 (Insurance).
Statement of Purpose
STATEMENT OF PURPOSE: This resolution authorizes a one-year contract from February 16, 2021 through February 16, 2022, with Hanover Insurance Company for property insurance in the amount of $291,954.16 to be paid to Marsh & McLennan Agency LLC, agent for Hanover Insurance Company. DEDA, DAA and Duluth Steam will reimburse the city for their portion of the cost.