Agenda Item Name:
Title
Sports Event Center - Architect and Design Professional Liability Insurance
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Presenter:
John Carnell
Description:
This is additional Professional Liability Insurance for the Sports Events Center
Recommended Action:
Recommended Action
Authorize Risk Manager to bind coverage
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Prior Board Motions:
N/A
Fiscal Consideration:
Fiscal Consideration
The cost of this insurance will be $82,000 (onetime payment). The account will be 001.04.0490.519.45.00
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Background:
The contractors and sub-contractors involved in the design of the Sports Complex have 3 million and 2 million dollars of coverage for claims against the design of the building. These claims don’t usually happen until well after the construction is complete. The term of this policy will be from August 16, 2021 to December 31, 2022 with ten years of coverage for claims related to design flaws (to include pollution) from the effective date of the policy. The coverage amount will be $8,000,000 per claim with $8,000,000 in the aggregate.