HomeMy WebLinkAbout2008-06-23 08-229 ORDERCOUNCIL
Item No,
09 2?.9
Date: June 23, 2008
Item/Subject Order, Authorizing Contract Award for Insurance Coverage at Bangor
International AlrpNt
Responsible Departrnent: Airport
The City has received a quote from Sargent Tyler & West for Insurance coverage at Bangor
International Airport for H 09, Last year, the Finance Committee and staff discussed Ne need
to increase coverage limits from the $100,000,000 level. In order to accomplish this, a number
of amendments to airline leases were required. The insurance carrier Is now satis0ed earth our
contract language and has offered a policy With $300,000,000 in coverage. Please note that
deductibles will also increase from $50,000 per occunence4$50,000 aggregate to
$100,000/$200,000. The cost of the policy is $286,800 compared m the current cost of
$153,112.
Given the extent of the potential liability the Airport could face and the limited avallabOitV of such
insurance, we recommend your approval of the Sargent Tyler & West quotation.
Department Head
This has been reviewed and recommended by the Finance Committee
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Associated Information:
Budget Approval:
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X Passage
_First Beetling Page _of_
Referral
08 229
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CITY OF BANGOR
(TITLE.) Order, Authorizing Contact Award for Insurance Coverage at Bangor International
Airport
By the otynoum7/of me city of Bangor
ORDERED,
THAT the quotation provided by Sargent Tyler & West for insurance coverage at
Bangor International Airport in the amount of $286,800 Is hereby accepted.
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