The proposed bill seeks approval from the Council of the District of Columbia for a new all-risk property insurance policy with Zurich American Insurance Company, totaling $2,878,680. This policy will cover all District real property assets and is effective from May 15, 2025, to May 14, 2026. The Captive Insurance Agency, which has independent contracting authority, determined that renewing the policy with Zurich is the most favorable option after soliciting quotes from over 60 insurers. The premium includes $2,818,030 for insurance coverage and $60,650 for engineering fees, providing a total insured value of $275 million, with Zurich covering 55% of the primary loss layer of $500 million after a deductible of $1.5 million.

The bill outlines various coverage provisions, including new definitions and limits for losses related to Earth Movement, Cloud Service and Communication Interruption, and Logistics Extra Cost. It establishes specific deductibles for different types of damage, including a combined deductible of $1,500,000 for Property Damage and Time Element per occurrence. Additionally, the bill categorizes various countries and regions into designated zones based on their limits of liability and deductibles for insurance purposes, ensuring clarity in coverage across different regions. The bill emphasizes the importance of reviewing the complete policy form for detailed rights and duties and clarifies that no coverage will be provided in violation of U.S. economic or trade sanctions laws.