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Board approves landfill contract amendment allowing surplus-lines insurers if licensed coverage unavailable
Summary
The board approved an amendment to the landfill contract to permit Oklahoma-authorized surplus-lines insurers to satisfy required coverage when licensed insurers do not offer the needed policy, with the condition that insurers meet an AM Best rating of "Excellent." The amendment passed after a brief explanation by the contractor’s attorney.
The board voted to amend the city’s landfill contract to expand which insurers can satisfy the contract’s insurance requirements when licensed insurers do not offer a needed policy.
An attorney for the contractor, identified as Mister Boyd, told the board the existing contract requires insurance from companies licensed in the state but certain specific landfill insurance products are not offered by licensed carriers in Oklahoma. He said the amendment allows use of "Oklahoma authorized surplus lines insurers" in those circumstances, but retains a condition that insurers meet an AM Best Company rating of "excellent." "The contract requires insurance from insurance companies that are, licensed in the state, but certain types of insurance for the landfill are not available from licensed companies within the state," Boyd explained during the discussion.
A motion to approve the amendment was made and seconded; the board chair called for the question and the motion carried (voice vote recorded as "Aye"). No member announced an opposition on the record.
The change is a narrowly targeted contract-editing measure intended to keep the city’s insurance requirements workable where specialty coverages are not available from licensed domestic carriers. The amendment does not change operational language in the landfill contract beyond the insurance-language modification discussed at the meeting.
