INSURANCEAPPROVED

City of Charleston Awards Insurance Contract to Build America Mutual Assurance Company (July 2026)

Charleston City Council approved purchasing a Municipal Bond Debt Service Reserve Insurance Policy from Build America Mutual for its $18.4 million Series 2026 A sewer revenue bonds, including an initial $50,650 reserve draw. The policy will backstop the bonds’ debt service reserve and is governed by a Debt Service Reserve Agreement specifying repayment and fee obligations.

Status
APPROVED
Document date
July 6, 2026
Contract type
INSURANCE
Vendor
Build America Mutual Assurance Company
Agency
City of Charleston · WV

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Motive logo
Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
SafeTouch logo
IANS Research logo
Motive logo
Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
SafeTouch logo
IANS Research logo
Motive logo
Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
SafeTouch logo
IANS Research logo

Scope & details

The full contract record, as filed.

Contract amount
$50,650.00 initial draw for reserve funding and costs; ongoing policy costs and premiums not to exceed amounts set by Series 2026 A Bonds Debt Service Reserve Insurance Commitment
Contract type
INSURANCE
Contract term
Debt service reserve insurance effective for the life of the Series 2026 A Bonds, through June 1, 2046, subject to terms of the policy
Renewal date
2046-06-01
Renewal
Policy and related Debt Service Reserve Agreement remain in force until the Series 2026 A Bonds are paid in full or as otherwise provided in the Reserve Policy and Agreement; coverage and Policy Limit reduce as reserve requirements decline.
Document type
Agenda
Source document
Charleston City Council Agenda 2026-07-06

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Frequently asked questions

Common questions about this contract, answered from the record.

Who was awarded the insurance contract by City of Charleston?

Build America Mutual Assurance Company was awarded this insurance contract by City of Charleston, as recorded on July 6, 2026. The contract value is $50,650.00 initial draw for reserve funding and costs; ongoing policy costs and premiums not to exceed amounts set by Series 2026 A Bonds Debt Service Reserve Insurance Commitment.

How much is the Build America Mutual Assurance Company contract with City of Charleston worth?

The Build America Mutual Assurance Company contract with City of Charleston is valued at $50,650.00 initial draw for reserve funding and costs; ongoing policy costs and premiums not to exceed amounts set by Series 2026 A Bonds Debt Service Reserve Insurance Commitment, covering insurance work.

What type of contract is this?

This is a Insurance contract, documented as a agenda record, structured as a not-to-exceed (ceiling) agreement.

Where was this contract approved?

This contract appears in Charleston City Council Agenda 2026-07-06 (Agenda), dated July 6, 2026 from City of Charleston. Civic IQ extracts contract records directly from agency meeting documents and solicitations.

What other contracts does Build America Mutual Assurance Company hold?

Build America Mutual Assurance Company may hold additional government contracts. View their full contract history, the agencies they serve, and total tracked spend on their Civic IQ vendor profile.

View Build America Mutual Assurance Company's profile

What is City of Charleston currently buying?

Explore City of Charleston's vendors, signed contracts, and active RFPs on their Civic IQ agency profile.

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