05-0197R


RESOLUTION ACCEPTING $682,284 IN PARTIAL SETTLEMENT OF AMOUNTS DUE UNDER A FIRE INSURANCE POLICY.

BY COUNCILOR REINERT:

     BE IT RESOLVED, that the proper city officials are authorized to do the acts necessary and execute the appropriate documents, to receive and accept on behalf of the city from Lexington insurance company in settlement of amounts due for fire damage to the structure of Peterson Arena, except contents, under Policy No. 1282296, the amount of $682,284; to be deposited in Self Insurance Fund 0610.


STATEMENT OF PURPOSE:  The city had insured Peterson Arena for a value limit of $782,284. There is a $100,000 deductible. The building was totally destroyed by fire. The amount tendered is the full amount available under the policy, except for $5,000 separate limit for contents lost. The contents claim will be settled later. The city retains the right to seek further compensation from those who caused the fire.

 

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