DISCLAIMER

 

07-0125R


RESOLUTION AUTHORIZING THE PROPER CITY OFFICIALS TO ENTER INTO A CONTRACT WITH LISCOMB-HOOD-MASON COMPANY FOR PROPERTY INSURANCE COVERING 40 CITY-OWNED STRUCTURES AND MISCELLANEOUS PIECES OF EQUIPMENT DURING YEAR 2007 IN THE AMOUNT OF $74,375.

BY COUNCILOR KRAUSE:

     RESOLVED, that city officials are hereby authorized to award a contract to Liscomb-Hood-Mason Company for furnishing property insurance from February 16, 2007, through February 15, 2008, covering 40 city-owned structures and miscellaneous pieces of equipment in accordance with its bid of $74,375, terms net 30, payable as follows: $1,487.50 (two percent) from the Self Insurance Liabilities Fund 0610, Department/Agency 036, Organization 1650, Object 5360; $63,218.75 (85 percent) from the Self Insurance Liabilities Fund 0610, Department/Agency 036, Organization 1651, Object 5360; $7,437.50 (ten percent) from the Self Insurance Liabilities Fund 0610, Department Agency 036, Organization 1652, Object 5360; $1,487.50 (two percent) from the Self Insurance Liabilities Fund 0610, Department/Agency 036, Organization 1653, Object 5360; and $743.75 (one percent) from the Self Insurance Liabilities Fund 0610, Department/Agency 036, and Organization 1654, Object 5360. This contract has four possible one-year renewal options.


STATEMENT OF PURPOSE:  This resolution authorizes city officials to contract with Liscomb-Hood-Mason Company to purchase property insurance to cover 40 city-owned structures and miscellaneous pieces of equipment in the amount of $74,375, payable from the self insurance liabilities fund.


The city will be insuring buildings and equipment valued at approximately $115,313,049 of pure blanket coverage ($100,000 deductible).


The contract period is from February 16, 2007, through February 15, 2008, and has four possible one-year renewal options.


Liscomb-Hood-Mason Company had the best proposal for the property insurance.


Bid No. 07-0125

Property Insurance

Companies responding with proposals February 2, 2007

Liscomb-Hood-Mason Company, Duluth, MN

Otis-Magie Insurance Agency, Inc., Duluth, MN

Henry A. Anderson Agency, Inc., Duluth, MN