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| April 23, 2020 City Council Regular Meeting | |
| Title 10. Authorize the City Manager to Procure Builder's Risk Insurance for the Savannah Arena from USI Insurance Services, LLC in an Amount Not to Exceed $650,000 (Event No. 7827) | |
| Strategic Priority Infrastructure | |
| Description Recommend approval to procure builder’s risk insurance for the Savannah arena project from USI Insurance Services, LLC in an amount not to exceed $650,000. This insurance coverage will expire once the project is completed in February 2022. It is necessary to procure this insurance policy at this time because vertical construction is beginning on the arena. Builder’s risk insurance must therefore be obtained to protect the City’s interests. This is a sole source procurement because USI Insurance Services, LLC is the City’s insurance broker and is authorized to solicit quotes on the City’s behalf for insurance policies. USI then recommends the policy most advantageous to the City in terms of pricing and coverage.
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| Recommendation Approval | |
| Contact Bret Bell, Chief Operating Officer | |
| Financial Impact Expenditure in an amount not to exceed $650,000 from the Capital Improvements Fund, supported by SPLOST VI and 2019 DSA Arena Bonds | |
| Review Comments | |
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Attachments Exhibit 1: Purchasing Summary - Builder's Risk Insurance for the Arena.pdf Exhibit 2: Funding Verification - Builder's Risk Insurance for the Arena.pdf |
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