Title
RESOLUTION AUTHORIZING A CONTRACT WITH HANOVER INSURANCE COMPANY FOR PROPERTY INSURANCE AT THE COST NOT TO EXCEED $350,000.
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, 2025, through February 16, 2026, 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 $350,000 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) $174,963, Cost Center 1652 (Insurance - Water & Gas) $24,327, Cost Center 1653 (Insurance - Sewer) $5,253, Cost Center 1654 (Insurance - Stormwater) $3,824, Cost Center 1659 (Insurance -DAA) $98,286, and Cost Center 1664 (Insurance - Steam) $29,969, Obj. 5360 (Insurance), or allocated amounts based on the actual renewal cost.
Statement of Purpose
STATEMENT OF PURPOSE: This resolution authorizes a one-year contract from February 16, 2025, through February 16, 2026, with Hanover Insurance Company for property insurance in the amount of $350,000 to be paid to Hanover Insurance Company. DAA and Duluth Steam will reimburse the city for their portion of the cost.