Board of Airport Commissioners

RESOLUTION NO.      - Additional Premium Payment under the existing General All-Risk Property Insurance Policy:  For placing the Consolidated Rental Car Facility at Los Angeles International Airport under said policy, for not to exceed $380,000, pro-rated for the period starting March 31, 2023 through June 30, 2023 \nPURPOSE: To approve inclusion of the newly constructed $1 billion Consolidated Rental Car Facility in the Los Angeles World Airports General All-Risk Property Casualty insurance policy for policy year 2022-2023, pursuant to the terms and conditions of the design-build-finance-operate-maintain agreement with LA Gateway Partners LLC, subject to the independent project engineer's determination of operation readiness anticipated to occur on March 31, 2023. \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.i of the Los Angeles City CEQA Guidelines; approve addition of the Consolidated Rental Car Facility to the insured assets under the current Los Angeles World Airports General All-Risk Property Casualty insurance policy for the period starting March 31, 2023 through June 30, 2023, at a not-to-exceed pro-rated premium of $380,000, including the additional required state and federal surplus lines taxes and fees; and authorize the Chief Financial Officer, through the Risk Management Division Director, to submit the additional premium to the contracted Los Angeles World Airports Property Insurance Broker of Record (Alliant Insurance Services, Inc.), which has authority to receive and disburse premiums paid to the various participating insurance underwriters on behalf of Los Angeles World Airports. (Tatiana Starostina)\n03 report