Alliant Insurance Services, Inc.
Insurance Policy Extension Proposal
Prepared for
City of San Mateo
June 10, 2024
Alliant
701 B Street, 6th Floor | San Diego, CA 92101
(619) 849-3807 | Fax (619) 699-2111
CA. License No. #0C36861
Disclaimer
This proposal is for information purposes only and does not amend, extend or alter the policy in any way. Please refer to the policy form for completed coverage and exclusion information.
Alliant embraces a policy of transparency with respect to its compensation from insurance transactions. Details on our compensation policy, including the types of income that Alliant may earn on a placement, are available on our website at www.alliantinsurance.com. For a copy of our policy or for any inquiries regarding compensation issues pertaining to your account you may also contact us at: Alliant Insurance Services, Inc., Attention: General Counsel, 701 B Street, 6th Floor, San Diego, CA 92101.
*Analyzing insurers' over-all performance and financial strength is a task that requires specialized skills and in-depth technical understanding of all aspects of insurance company finances and operations. Insurance brokerages such as Alliant Insurance typically rely upon rating agencies for this type of market analysis. Both A.M. Best and Standard and Poor's have been industry leaders in this area for many decades, utilizing a combination of quantitative and qualitative analysis of the information available in formulating their ratings.
A.M. Best has an extensive database of nearly 6,000 Life/Health, Property Casualty and International companies. You can visit them at www.ambest.com. For additional information regarding insurer financial strength ratings visit Standard and Poor's website at www.standardandpoors.com.
To learn more about companies doing business in your state, visit the Department of Insurance website of that state.
Named Insured Schedule
First Named Insured: City of San Mateo
City of San Mateo Clean Water
Project Name:
Program
Program Extension Premium Summary
Program Extension through 7/30/2025
Owner Controlled Insurance Program:
Fixed Costs: WC & GL Premium $ 442,080
Excess Liability $100,000,000 Program: $ 286,478
Administration Fee: $ 90,000
Builders Risk: $ 205,077
Owners Protective Professional Insurance: $ 45,518 including surplus lines taxes and fees
Total: $1,069,153
Builders Risk Subject to:
• Up-to-date project schedule
• Up-to-date project budget
Notes:
Primary General Liability / Workers Compensation loss aggregate exposure will increase by $385,020 due to the increase in construction value. No additional collateral is due at this time.
• WC Premium includes an estimated $68,000 in state surcharges and fees Premiums are subject to change if insured values or project completion dates vary from the below information provided by the City
GMP3 Total Construction Cost at completion $436 M
• New Liquid Processes, upgrades to existing Chemical systems and tie into existing solids processing - $376M substantial completion Jan 2025 • Admin Building -
--- $18M substantial completion June 2024
• Warehouse
-- $2M substantial completion May 2024
• FEQ Basins and Site work --
--- $40M completion June 2025
• Project close out July/August 2025
Estimated Premium Payment and Adjustment Structure for Builders Risk Extension • Effective 6/30/24 - Amend insured values to ~$416mm and extend to 1/31/2025 - premium $166,616
• Effective 1/31/2025 - Amend insured values to ~$40mm and extend to 6/30/2025- premium $38,461
Authorization to Extend Coverages as Proposed
Name: Alex Khojikian
Title: City Manager
Signature:
Date: