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Home My WebLink About033344 RES - 04/16/2024Resolution authorizing renewal of property insurance, including All Risk, Flood, Named Storm, Wind/Hail, Earthquake, and Equipment Breakdown insurance, through Carlisle Insurance Agency, Broker of Record, for upcoming policy year (May 4, 2024 — May 4, 2025) in exchange for annual premium of $3,769,127.59. WHEREAS, the City utilizes its broker of record to obtain property insurance including All Other Perils, Flood, Named Storm, Wind/Hail, Earthquake, and Equipment Breakdown insurance for protection of the public health or safety of the municipality's residents; WHEREAS, the current coverages are subject to renew as of May 4, 2024; WHEREAS, State law provides that such procurements, as outlined above, are subject to statutory procurement requirements, including competitive bids, unless an exception applies; WHEREAS, the City Council finds that this procurement of property insurance qualifies as an exception to competitive bidding under Texas Local Government Code, S ection 252.022(a)(2), as this procurement is necessary to preserve or protect the public health or safety of the municipality's residents; and WHEREAS, the City Council also finds that this procurement is authorized pursuant to Texas Local Government Code Section 252.024, which authorizes a sole broker of record to procure necessary coverages for insurance Be it resolved by the City Council of the City of Corpus Christi, Texas, that: S ection 1. The City Council specifically finds that the foregoing statements included in the preamble of this resolution are true and correct and adopts such findings for all intents and purposes related to the authorization of this procurement. S ection 2. The City Manager or designee is authorized to execute all documents necessary to renew property insurance, including All Risk, Flood, Named Storm, Wind/Hail, Earthquake, and Equipment Breakdown insurance, through City's Broker of Record Carlisle Insurance Agency, for upcoming policy year (May 4, 2024, through May 4, 2025) in exchange for annual premium in the amount of $3,769,127.59. PASSE and APPOVED on the \Liay of A rk\ Paulette Guajardo, M , 2024. ATT ST: e + ecca Huerta, ity Secretary Pagel of 1 CITY OF CORPUS CHRISTI CERTIFICATION OF FUNDS (City Charter Article IV Sections 7 & 8) I, the Director of Financial Services of the City of Corpus Christi, Texas (or his/her duly authorized representative), hereby certify to the City Council and other appropriate officers that the money required for the current fiscal year's portion of the contract, agreement, obligation or expenditure described below is in the Treasury to the credit of the Fund specified below, from which it is to be drawn, and has not been appropriated for any other purpose. Future payments are subject to annual appropriation by the City Council. City Council Action Date: Legistar Number: 24-0420 April 16, 2024 Agenda Item: Resolution authorizing renewal of property insurance, including All Other Perils (AOP), Flood, Named Storm, Wind/Hail Earthquake and Equipment Breakdown insurance, through Carlisle Insurance Agency, Broker of Record, for the upcoming policy year (May 4, 2024-May 4, 2025), for an annual premium of $3,769,127.59, with funding available from the Risk Management Fund. Amount Required: $ 1.538.630.00 Account No. Amount Fund Name Accounting Unit 537090 $ 12,227.00 Business Job Dev Fund 1030-13826-034 537095 $ 42,387.00 Business Job Dev Fund 1030-13826-034 537420 $ 26,900.00 Business Job Dev Fund 1030-13826-034 537090 $ 182,876.00 Liab/EB Liab Fund 5611-40520-054 537095 $ 633,969.00 Fund 5611-40520-054 Liab/EB Liab 537420 $ 402,327.00 Liab/EB Liab Fund 5611-40520-054 537090 $ 19,630.00 Visitor Facility Fund 4710-13625-034 537095 $ 68,052.00 Visitor Facility Fund 4710-13625-034 537420 $ 43,187.00 Visitor Facility Fund 4710-13625-034 537090 $ 16,061.00 Visitor Facility Fund 4710-13600-034 537095 $ 55,679.00 Visitor Facility Fund 4710-13600-034 537420 $ 35,335.00 Visitor Facility Fund 4710-13600-034 $1,538,630.00 Total Certification Not Required Director of Financial Services Date: 't?-ID-D 1.