Title
RESOLUTION AUTHORIZING A CONTRACT WITH HANOVER INSURANCE COMPANY FOR PROPERTY INSURANCE AT THE COST NOT TO EXCEED $298,200.
Body
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, 2024, through February 16, 2025, insuring city-owned structures, miscellaneous equipment and business personal property, and certain Duluth airport authority (DAA) and Duluth Steam property at the initial cost of not to exceed $298,200 payable to Hanover Insurance Company, payable from the following accounts: Self Insurance Fund 610, Dept./Agency 036 (Insurance Account ), Cost Center 1651 (Insurance-General City) $167,100, Cost Center 1652 (Insurance - Water & Gas) $16,200, Cost Center 1653 (Insurance - Sewer) $5,900, Cost Center 1654 (Insurance - Stormwater) $4,500, Cost Center 1659 (Insurance -DAA) $83,400, and Cost Center 1664 (Insurance - Steam) $21,000, Obj. 5360 (Insurance).
Statement of Purpose
STATEMENT OF PURPOSE: This resolution authorizes a one-year contract from February 16, 2024, through February 16, 2025, with Hanover Insurance Company for property insurance in the amount of $298,200 to be paid to Hanover Insurance Company. DAA and Duluth Steam will reimburse the city for their portion of the cost.