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Builders' risk insurance and bonds flagged as potential city costs
Summary
Contractor representatives said bonds will be issued but may not carry builders' risk insurance due to a prior flood event; city attorneys said the city should seek quotes because builders' risk costs are often passed to the owner.
Insurance and bonding emerged as a key unresolved budget issue at the Nov. 5 workshop. Mayor Freddie Foster asked whether the City would be named on the Certificate of Insurance; Christian Brisson confirmed the city would be listed once the contract is in place.
Ken Bygler said the contractor will issue bonds for the entire project but indicated they are not carrying builders' risk insurance and that prior flood history has complicated obtaining such coverage. Assistant City Attorney Scott Black said builder's risk insurance cost is commonly passed through to the owner and recommended the city obtain quotes to determine whether the expense is warranted. Commissioners asked legal staff to get quotes and evaluate cost versus risk ahead of the Nov. 14 decision.
