2021/01/13 Council Agenda Packet

2.3 Chubb Insurers dispute a coverage obligation, in whole or in part, under the Chubb Policies for any and all of the Environmental Claims at the Site. 2.4 City and Chubb Insurers desire to compromise and settle any past, present or future claims for insurance coverage for bodily injury, property damage or personal injury under the Chubb Policies arising out of or relating to the Environmental Claims at the Site, and City intends to give the Chubb Companies a full and complete release of any liability under the Chubb Policies arising out of or related to the Environmental Claims at the Site. The Chubb Insurers are willing to compromise and make payment to settle the Environmental Claims at the Site on the basis of the terms set forth in this Settlement Agreement. III. AGREEMENT 3.1 Payment. For and in consideration of the covenants and releases stated in this Settlement Agreement, Century agrees to pay to City the sum of $302,608 (the Settlement Amount) within thirty (30) days after the mutual execution of this Settlement Agreement by the Parties. 3.2 Allocation. City and the Chubb Insurers agree that the Chubb Insurers have the right to allocate the Settlement Amount amongst its own Chubb Policies in its discretion. City and the Chubb Insurers further agree that the Settlement Amount shall erode the limits of liability of the Chubb Policies. 3.3 Release. For and in consideration of the payment of the Settlement Amount and the mutual covenants stated in this Settlement Agreement, City unqualifiedly releases and forever discharges the Chubb Companies from and against any past, present or future claims, obligations or liability, known or unknown, existing or hereafter arising, for insurance coverage under the Chubb Policies, including defense or indemnity, arising out of, relating to or in any way connected to the Environmental Claims at the Site. The Parties agree that this release constitutes a complete and unqualified release by City of insurance coverage under the Chubb Policies for past, present or future insurance coverage claims, known or unknown, of whatsoever kind or nature, in connection with or arising out of the Environmental Claims at the Site and that the Chubb Companies shall have no further liability or obligation whatsoever to City in connection with the Environmental Claims at the Site except for the duties and obligations imposed by this Settlement Agreement. 3.4 General Release and Release of Potential Future Claims. City understands and agrees that the releases set forth in paragraph 3.3 in this Settlement Agreement are general releases of the matters described in that paragraph. City further understands and agrees that, in regard to the matters released as set forth in this Settlement Agreement, it may have sustained 1• 3