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, through Chubb Insurer in and amount not to exceed $50,142.66 for coverage from October 1, 2025, through October 1, 2026. Funding is available in the Airport Operations Fund.
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PREVIOUS COUNCIL ACTION
September 16, 2024
BACKGROUND
The Laredo International Airport is required to carry Excess Aviation 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, through Chubb Insurer in an amount not to exceed $50,142.66 for coverage for October 1, 2025, through October 1, 2026.
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: 2026
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
FY2026 Annually Excess Aviation.