Title
Resolution to Accept Special Board of Insurance Administration Meeting Minutes for February 11, 2008
Memorandum
Attached for your review and approval are the minutes and resolution regarding the Insurance Board meeting which was held on February 11, 2008 for the purpose of discussing the City's property and liability insurance coverage renewal and making a recommendation to City Council.
Staff
Prepared by : Sarah Singleton, Management Assistant
Reviewed by: Tom Crawford, Chief Financial Officer
Abigail Elias, Chief Assistant City Attorney
Body
RESOLVED, That the attached Special Board of Insurance Administration Minutes of February 11, 2008 be accepted and that the recommended course of action therein be approved and authorized.
SPECIAL MINUTES
CITY OF ANN ARBOR BOARD OF INSURANCE ADMINISTRATION
FEBRUARY 11, 2008
3:00 P.M.
PRESENT: Joan Lowenstein, Councilmember
Matthew Horning, City Treasurer
OLD BUSINESS
None
NEW BUSINESS
The insurance Board met to review insurance policy renewal. The Board authorized binding of coverage as indicated on the attached schedule. The schedule illustrates detail of a projected savings of $6,313 compared to our expiring coverage period. Additionally, polices have been extended to cover terrorism risk in general liability and property, and limits for all types of crime risk have been increased to $5,000,000.