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EVERETT <br />Project title: Authorize Mayor to Sign Settlement Agreement and Release with Chubb Insurers <br />City Council Agenda Item Cover Sheet <br />Council Bill # interoffice use <br />Agenda dates requested: <br />1/13/21 <br />Briefing <br />Proposed action <br />Consent <br />Action <br />Ordinance <br />Public hearing <br />Yes <br />1/13/21 <br />x No <br />• . 1 ■ t i • • r <br />Budget amendment: <br />Yes x No <br />PowerPoint presentation: <br />Yes x No <br />r.r#r4rr•riirimam <br />Attachments; <br />Settlement Agreement <br />Department(s) involved: <br />Public Works, Legal <br />Contact person: <br />Tim Benedict <br />Phone number: <br />425.257.8669 <br />Email; <br />TBenedict@everettwa.gov <br />Initialed by: <br />Department head <br />Administ <br />a R. <br />Council President <br />Consideration: Approve Settlement Agreement and Release <br />Project: Settlement of Insurance Coverage Claim <br />Other Parties :Chubb Insurers <br />Location: 4000 Railway Ave <br />Preceding action: None <br />Fund: None <br />Fiscal summary statement: <br />None <br />Project summary statement: <br />This item concerns the 4000 Railway Ave parcel. Over the years, the City has incurred <br />about $1,053,730.06 in supported costs for cleaning up the 4000 Railway parcel. <br />The Chubb companies are insurers that issued a liability insurance policy to the City in <br />19814986. After extensive negotiations, the Chubb insurers have offered to pay <br />$302,608 for the City to release the City's insurance claims regarding the 4000 Railway <br />Ave parcel under the policy. <br />Recommendation (exact action requested of Council): <br />Authorize Mayor to Sign Settlement Agreement and Release with the Chubb Insurers <br />