The Kenai City Council adopted a resolution authorizing the binding of airport owners and operators liability insurance coverage for July 1, 2022 through June 30, 2023. The city’s insurance broker, HUB International Limited solicited coverage and price quotes for Airport Owners and Operators Liability insurance on behalf of the city for its operations at the Kenai Municipal Airport. The lowest quote for acceptable coverage was Ace Property and Casualty Insurance Company through CHUBB.
City Manager Paul Ostrander tells KSRM:
“This is something that we do annually. This is purchasing liability insurance for our operations at the airport. We renewed it this year for a total of $48,319, that’s the annual cost of that. Again, it’s just for liability insurance for our operations at the airport. There are a couple of riders that we did not choose to, that we waived coverage for. We’ve waived coverage for them in the past simply because we didn’t think it was in the best interest of the city to add those riders.”
The premium coverage for the period beginning July 1, 2022 through June 30, 2023 is $48,319. The additional optional coverages in the event of War, Terrorism Risk Insurance Act, were waived because of the additional premium cost of $4,814 each or $6,017 combined for the policy period. Purchasing the high-quality coverage at competitive premiums for Airport Owners and Operators Liability Insurance for FY23 was deemed in the best interest of the city and users at the Kenai Municipal Airport.
According to the city’s finance director, coverage includes annual aggregate limits for operations of $100,000,000 and personal injury annual aggregate limits of $50,000,000 for an annual premium of $48,319.
