Number
151170
Version
SUBSTITUTE 1
Reference
Sponsor
THE CHAIR
Title
Substitute resolution authorizing the City's withdrawal from the Local Government Property Insurance Fund.
Body
Whereas, The City of Milwaukee obtained its property insurance from the Local Government Property Insurance Fund (LGPIF) for 2015; and
Whereas, The City's current policy of property insurance expires at midnight on December 31, 2015; and
Whereas, The LGPIF has significantly increased its previously below-market premiums; and
Whereas, The City Attorney, as the City's Risk Manager, has determined to place the City's property insurance for 2016 with other insurers; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the City's LGPIF insurance policy be withdrawn from the LGPIF as of 12:01 a.m. January 1, 2016; and, be it
Further Resolved, That the City Clerk is authorized to execute the form and notice prescribed by the LGPIF for terminating the existing LGPIF policy and withdrawing from LGPIF participation as of 12:01 a.m. January 1, 2016.
Requestor
Drafter
City Attorney
Vincent Moschella/Debra Fowler
12/9/15