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Council authorizes owner‑controlled insurance program for convention center rebuild; $58.8 million in premiums funded from interim notes
Summary
The council approved an owner‑controlled insurance program and authorized up to $58.76 million from interim financing to buy multi‑line construction insurance for the Kay Bailey Hutchison Convention Center renovation and expansion project.
The Dallas City Council on Aug. 27 authorized the city’s owner‑controlled insurance program (OCIP/R‑OCIP) broker to purchase construction‑period insurance covering the Kay Bailey Hutchison Convention Center renovation and expansion and authorized up to $58,760,667 in interim financing for that purpose.
What the council approved: The city’s Office of Risk Management recommended centralizing insurance that would otherwise be purchased separately by contractors. The resolution approves Marsh USA LLC (the city’s OCIP/R‑OCIP broker of record) to secure lines of coverage that include commercial general and excess liability, workers’ compensation (statutory), contractors’ pollution…
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