Agenda Summary
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Requesting the appropriation of $186,343 from the Unreserved Fund Balance ("Free Cash") to the Building Insurance Account to insure additional properties.
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Official Text
To the Honorable City Council:
The Mayor respectfully requests that this Council appropriate $186,343 from the Unreserved Fund Balance ("Free Cash") to the Building Insurance Account , for the purpose of insuring two vacant parcels located at 115 Sycamore Street, and 45 College Avenue. It is advisable to have insurance on the vacant buildings to safeguard the city’s interest in the parcels should fire or other loss occur. The two parcels were previously insured along with all other city buildings however, the insurance carrier Liberty Mutual Fire Insurance Co., via the city’s agent Cabot Risk Strategies, LLC, recently removed said parcels from the master listing of insured city buildings because they are not currently occupied, thereby requiring a separate vacant buildings insurance policy to cover the two parcels in the event of loss. Vacant building insurance is difficult to obtain in the current market.
Appropriate staff will be available to address any questions you may have. Thank you for your consideration of this item.
Respectfully Submitted,
Katjana Ballantyne, Mayor