HomeMy WebLinkAboutR-2022-054 Purchase Cyber Liability Insurance from Gallagher Insurance RESOLUTION NO. R — 2022-054
A RESOLUTION AUTHORIZING THE PURCHASE OF CYBER LIABILITY INSURANCE FROM
GALLAGHER INSURANCE FOR THE ANNUAL PREMIUM IN AN AMOUNT NOT TO EXCEED
$10,850.00
WHEREAS, the City of Riverside has a need for cyber liability insurance as this is no longer
under the umbrella of our annual property and liability insurance carrier premium; and
WHEREAS, the City of Riverside in the adoption of its purchasing policy requires all
expenditures in excess of $10,000 to be presented to the Board of Aldermen for approval and the
City's insurance carrier MPR recommended Gallagher Insurance, Kansas City, Missouri for cyber
liability insurance and has presented an adequate policy in the amount of $10,850 for the FY 2022-
2023 for such coverage; and
WHEREAS, funds for such purpose is budgeted in the Fiscal Year 2022-2023 budget; and
WHEREAS, the Board of Aldermen find it is in the best interest of the citizens of the City of
Riverside to authorize purchase of such insurance coverage and approve the payment to Gallagher
Insurance, Kansas City, Missouri for cyber liability insurance coverage for the City of Riverside, in
an amount not to exceed $10,850.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF ALDERMEN OF THE CITY
OF RIVERSIDE, MISSOURI, AS FOLLOWS:
THAT, the acquisition of such insurance coverages and payment to Gallagher Insurance,
Kansas City, Missouri, for cyber liability insurance coverage for the City of Riverside, in an amount
not to exceed $10,850 is hereby authorized and approved; and
FURTHER THAT the Mayor, City Administrator, or either of their designees, are hereby
authorized to execute all documents necessary or incidental to this transaction and the City Clerk is
authorized to attest thereto.
PASSED AND ADOPTED by the Board of Aldermen of the City of Riverside, Missouri,
the 21st day of June 2022.
t /713441'aL.-
yor Kathleen L. Ros
ATT '
Robin Kincaid,.City Clerk
*®Gallagher
***CORE 360
Client Authorization to Bind Coverage
After careful consideration of Gallagher's proposal dated 7/1/2022,we accept the following coverage(s). Please check the
desired coverage(s)and note any coverage amendments below-
Coverage/Carrier TRIA Description/Major Differences
0 Accept>tReject Cyber Liability-$2M Limit
Premium$15,550.00
CFC Underwriting Ltd
Accept El Reject Cyber Liability-$1M Limit
CFC Underwriting Ltd Premium$10,850.00
The above coverage(s)does not necessarily represent the entirety of available insurance products. If you are interested in
pursuing additional coverages other than those listed in the Additional Recommended Coverages,please list below
nrj A
• Exposures and Values
You confirm the payroll, values schedules, and any other information pertaining to your operations, and submitted to the
underwriters,were compiled from information provided by you. If no updates were provided to Gallagher,the values exposures
and operations used were based on the expiring policies.You acknowledge it is your responsibility to notify Gallagher of any
material change in your operations or exposures.
Additional Terms and Disclosures
Gallagher is not an expert in all aspects of your business.Gallagher's Proposals for insurance are based upon the information
concerning your business that was provided to Gallagher by you. Gallagher expects the information you provide is true,correct
and complete in all material respects.Gallagher assumes no responsibility to independently investigate the risks that may be
facing your business,but rather have relied upon the information you provide to Gallagher in making our insurance Proposals.
Gallagher's liability to you arising from any of Gallagher's acts or omissions will not exceed$20 million in the aggregate.The
parties each will only be liable for actual damages incurred by the other party, and will not be liable for any indirect,special,
exemplary, consequential, reliance or punitive damages. No claim or cause of action,regardless of form(tort,contract,
statutory, or otherwise), arising out of, relating to or in any way connected with the Proposal,any of Gallagher's services or your
relationship with Gallagher may be brought by either party any later than two(2)years after the accrual of the claim or cause of
action.
Gallagher has established security controls to protect Client confidential information from unauthorized use or disclosure. For
additional information,please review Gallagher's Privacy Policy located at https.//www aiq-com/privacy-policyi.
You have read, understand and agree that the information contained in the Proposal and all documents attached to and
incorporated into the Proposal,is correct and has been disclosed to you prior to authorizing Gallagher to bind coverage and/or
provide services to you. By signing below,or authorizing Gallagher to bind your insurance coverage through email when allowed,
you acknowledge you have reviewed and agree with terms, conditions and disclosures contained in the Proposal.
15 Gallagher
insurance Risk Management Consulting
•••Gallagher
v •••CORE 360.
By: LI A K.) E KjOv2,A1 ) 1 t11 Arl.rnini &-t A+e
Print Name(Specify Title)
Sipe re
Date:
041
1
6 Gallagher
nrsurom.e I Rnk 14arrauun!L•nl �trft:AJltNgr