From
Lee Harriss, Special District Administrator
Title
Resolution adopting an amendment to the Public Improvement District (PID) Policy with regard to purchasing liability insurance policies
Presenter
Diana G. Ortiz, Chief Financial Officer
Recommend Action
Approve
Analysis
The Finance and Government Committee reviewed the policy at the meeting on February 6, 2018 and recommended adoption. In addition, PID board members have reviewed the proposed changes, are in favor, and their comments are attached.
The proposed revision includes the following updates:
Sec. IV. PID Stakeholder Groups and Responsibilities, B. PID Advisory Board Responsibilities (pages 9-11):
7. Insurance: The PID advisory boards will acquire general liability, automobile liability, and errors and omissions insurance, such coverage to be paid for from PID assessments. Property insurance for valuable assets is optional and to be paid for from PID assessments. The insurance policies must be occurrence-based, not claim-based, and the City of Grand Prairie must be named as additional insured on all policies.
The PID advisory board should consult its insurance advisor /agent on the appropriate levels of insurance. PIDs may obtain insurance through the Texas Municipal League (TML) at government rates and/or purchase it from a private carrier. PIDs will pay for insurance purchased from TML, and the cost of the TML liability insurance will be allocated based on PID area maintained or PID budget. PIDs will pay their own deductibles.
a. General Liability Coverage
If a PID chooses not to exercise the City's TML coverage for General Liability, the PID MUST purchase GL Insurance that provides the following:
GL
Min Per Occ $1,000,000
Aggregate $2,000,000
Deductible $10,000 or less
Best Rating A or better
PID GL Includes:
Personal and Advertising Injury
· Products and Completed Operations
· Fire Liability - also known as Tenants Lia...
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