HomeMy Public PortalAboutAB 17-212 Terrorism Insurance Waiver 2018
McCALL CITY COUNCIL 216 East Park Street
AGENDA BILL McCall, Idaho 83638
Number AB 17-212
Meeting Date September 28, 2017
AGENDA ITEM INFORMATION
SUBJECT:
Terrorism Insurance Waiver FY18
Department Approvals
Initials
Originator
or
Supporter
Mayor / Council
City Manager
Originator
Clerk
Treasurer
Community Development
Police department
Public Works
Golf Course
COST IMPACT:
$ 34,470
Parks and Recreation
FUNDING SOURCE:
Unidentified
Airport
Library
TIMELINE:
ASAP
Information Systems
Grant Coordinator
SUMMARY STATEMENT:
The City of McCall has received its ICRMP Policy renewal for FY17. Included in our insurance policy is terrorism coverage for ICRMP Members as a whole for $20,000,000. The coverage is
provided for all ICRMP members to be shared by any and all affected by acts of terrorism, at no additional cost to the City. ICRMP also has available additional terrorism insurance
for the additional cost of $34,470 over our renewal amount to cover our total insured property of $35,469,589.
In order for an act of terrorism to be acknowledged, the Secretary of Treasury, in concurrence with the Secretary of State and the Attorney General of the United States, certifies that
an event meets the definition of a “certified act of terrorism”. In Accordance with the Terrorism Risk Act, December 26, 2007, ICRMP is required to offer coverage of all property they
insure. The City of McCall must decide whether they desire the additional coverage, at the additional premium, or choose to reject the additional coverage.
The Council rejected the additional Terrorism Insurance the last 5 years.
A Notice Offer of Terrorism Coverage required by law and the form to reject the additional insurance are attached.
RECOMMENDED ACTION:
Reject the additional terrorism insurance for FY18 offered by ICRMP and authorize the Mayor to sign all necessary documents.
RECORD OF COUNCIL ACTION
MEETING DATE
ACTION