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A RESOLUTION AUTHORIZING THE PURCHASE OF ENVIRONMENTAL SITE LIABILITY INSURANCE FOR THE 428-ACRE CITY PROPERTY ON HINES HILL ROAD, AND DECLARING AN EMERGENCY.
Executive Summary: The City of Hudson is required by our current agreements with Summit County, as Trustee, and the Metro Parks, Serving Summit County to carry environmental (pollution liability) insurance covering the former YDC property located at 996 Hines Hill Rd.
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Legislative History
None, due to the previous 3-year environmental insurance policy costing less than $25,000.
Purpose & Explanation
The City of Hudson is required by our current agreements with Summit County, as Trustee, and the Metro Parks, Serving Summit County to carry environmental (pollution liability) insurance covering the former YDC property located at 996 Hines Hill Rd. for at least the next 99 years.
With recent notification that our existing 3-year environmental insurance policy was going to expire, staff worked with our existing insurance agent, Oswald Companies to secure the most reasonable policy renewal for environmental insurance for the property located at 996 Hines Hill Rd. The most reasonable terms are from the Chubb Custom Insurance Company.
The new environmental insurance policy from the Chubb Custom Insurance Company will cover a five-year period from 11/16/12 to 11/16/17. The total policy cost of the premium for the 5-year period is $30,607. Hence, the annualized cost is $6,121.
For perspective, the most recent environmental insurance policy covered at 3-year period (2009-2012) at a total policy cost of $22,700. Hence, the annualized cost was $7,567.
Timing Considerations
Immediate.
Fiscal Impact
X Currently Budgeted
Supplemental Appropriation Required
Appropriation Not Required.
Suggested Action
Recommendation
Staff recommends that City Council approve the Resolution authorizing the City Manager to enter into a contract for the environmental insurance policy covering a five-ye...
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