Title
RESOLUTION AUTHORIZING A CONTRACT WITH HANOVER INSURANCE COMPANY FOR PROPERTY INSURANCE AT THE COST NOT TO EXCEED $283,298.
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, 2023, through February 16, 2024, 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 $283,298 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) $156,588.15, Cost Center 1652 (Insurance - Water & Gas) $15,327.42, Cost Center 1653 (Insurance - Sewer) $5,589.43, Cost Center 1654 (Insurance - Stormwater) $4,250.45, Cost Center 1659 (Insurance -DAA) $74,073.46, and Cost Center 1664 (Insurance - Steam) $27,468.89, Obj. 5360 (Insurance).
Statement of Purpose
STATEMENT OF PURPOSE: This resolution authorizes a one-year contract from February 16, 2023 through February 16, 2024, with Hanover Insurance Company for property insurance in the amount of $283,298 to be paid to Hanover Insurance Company. DAA and Duluth Steam will reimburse the city for their portion of the cost.