Board of Airport Commissioners

RESOLUTION NO.      - Addition to the Los Angeles World Airports Insurance Program:  Covering insurance policies, arranged and paid through Alliant Insurance Services Inc., Broker of Record, in an amount not to exceed $1,600,000 for ten (10)-month policies, including Public Officials Liability and Law Enforcement Professional Liability \nPURPOSE: The purpose of this item is to authorize staff to negotiate and purchase two (2) liability insurance policies that would be effective September 1, 2023 through June 30, 2024, to be consistent with the fiscal year. The insurance coverages are specific stand-alone policies for Los Angeles World Airports' sizeable property-infrastructure and risk exposures. \nRECOMMENDATIONS: Adoption of the Report requesting that the Board of Airport Commissioners determine that this action is exempt from the California Environmental Quality Act (CEQA) pursuant to Article II, Section 2.f of the Los Angeles City CEQA Guidelines; approve purchase of up to $10,000,000 primary and excess coverage limits of Public Officials Liability Insurance for a ten (10)-month policy from primary and/or excess insurance underwriters Ironshore Specialty, Indian Harbor, Landmark American, Chubb and Kinsale for a total premium not to exceed $600,000 (plus any additional required state and federal taxes and fees); further approve purchase of up to $10,000,000 primary and excess coverage limits of Law Enforcement Professional Liability Insurance for a ten (10)-month policy from primary and excess insurance underwriters American International Group/Dillard, Chubb, and/or Indian Harbor/XL/PGUMGA, for a total premium not to exceed $1,000,000 (plus any additional required surplus taxes and fees); further authorize the Chief Financial Officer to continue negotiating and set the total premium cost not to exceed $1,600,000 for ten (10)-month policies, plus any additional required state and federal taxes and fees; further authorize the Chief Financial Officer to negotiate and set the annual self-insured retention, non-aggregate retention, or deductible payments per occurrence of up to $1 million each for both Public Officials Liability and Law Enforcement Professional Liability coverages payable directly to Lead Underwriter and/or contracted Los Angeles World Airports Broker of Record, Alliant Insurance Services, Inc.; further authorize the Chief Financial Officer to submit the premiums to the contracted Los Angeles World Airports Broker of Record (Alliant Insurance Services, Inc.), which, by contract has the authority to receive and disburse premiums to the various participating insurance underwriters on behalf of Los Angeles World Airports; and further authorize the Chief Executive Officer, or Chief Financial Officer, to approve payment of all claim-related expenses in the final negotiated amount not to exceed $500,000 or less per claim up to an aggregate of $1,000,000 per year. (Tatiana Starostina)\n03 report