A resolution approving a contract between the Metropolitan Government and Security Insurance, Inc., Agent for The Travelers Group, for a property insurance policy for the Metropolitan Government.

Whereas, the Metropolitan Government has elected to procure property insurance to ensure against all risks of physical loss to structures and personal property of the Metropolitan Government, with the exception of property used by Nashville Thermal Transfer Corporation and Nashville Electric Service; and,

Whereas, the Purchasing Agent issued a Request for Proposals for property insurance; and,

Whereas, the Metropolitan Government contracted for the services of a knowledgeable consultant, Tillinghast-Towers Perrine, for assistance in the procurement process, including assistance in the evaluation of proposals received in response to the Requests for Proposals ; and,

Whereas, Security Insurance, Inc., Agent for The Travelers Group, submitted the only proposal received by the Purchasing Agent; and,

Whereas, the consultant advised the Purchasing Agent and the Department of Law that the proposal submitted by Security Insurance, Inc., Agent for The Travelers Group, was very favorable to the Metropolitan Government in terms of coverage and price; and,

Whereas, Section 4.40.030 of the Metropolitan Code requires that contracts for "fire and extended coverage insurance" be approved by resolution of the Metropolitan Council.

Now, therefore, be it resolved by the Council of The Metropolitan Government of Nashville and Davidson County:

Section 1. That the contract by and between The Metropolitan Government of Nashville and Davidson County and Security Insurance, Inc., Agent for The Travelers Group, for a property insurance policy for the Metropolitan Government, with the exception of property controlled by Nashville Thermal Transfer Corporation and Nashville Electric Service, for an annual premium of $606,038.00, and for a term of five (5) years, commencing on July 1, 2000, and extending through July 1, 2005, which contract is attached hereto, be and the same is hereby approved.

Section 2. That this Resolution shall take effect from and after its final passage, the welfare of The Metropolitan Government of Nashville and Davidson County requiring it.

Sponsored by: Howard Gentry

LEGISLATIVE HISTORY
Referred to:	Budget & Finance Committee
Introduced:	March 20 , 2001
Adopted:	March 20 , 2001
Approved:	March 22, 2001
By: