SUBJECT
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Authorizing the City Manager to purchase Excess Aviation Insurance for the Laredo International Airport, including coverage for General Liability, Terrorism Risk Insurance Act and War, with Victor O. Shinnerer & Co, Inc, in an amount not to exceed $70,000.00 for coverage from October 1, 2024, through October 1, 2025. Funding is available in the Airport Operations Fund.
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PREVIOUS COUNCIL ACTION
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BACKGROUND
The Laredo International Airport is required to carry Excess Aviation Insurance for General Liability, Terrorism Risk Insurance Act and War, for the Airport. The Airport will be acquiring said insurance through Victor O. Shinnerer & Co, Inc, in an amount not to exceed $70,000.00 for coverage from October 1, 2024, through October 1, 2025.
This insurance coverage is purchased annually, and it is done to add a layer of financial protection for unexpected events that can potentially cause catastrophic results within our airport operations.
COMMITTEE RECOMMENDATION
N/A
STAFF RECOMMENDATION
recommendation
Staff Recommends the approval of this motion.
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Fiscal Impact
Fiscal Year: 2025
Budgeted Y/N?: Y
Source of Funds: Airport Fund.
Account #: 242-3605-583.97-25
Change Order: Exceeds 25% Y/N: N
FINANCIAL IMPACT:
Insurance General Liability Account: 242-3605-583-9725
FY 2024 Annually Excess Aviation.