Title
RESOLUTION AUTHORIZING AN AGREEMENT WITH THE DULUTH AIRPORT AUTHORITY 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 February 16, 2018, to February 16, 2019, and for which DAA shall pay the city in the amount of $46,244.32, 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 be represent a substantial savings to DAA. The city has a blanket property policy with $100,000 deductible and a $250,000 deductible per location for flood only. The DAA’s annual cost for the insurance will be $46,244.32.