HomeMy WebLinkAbout24764RESOLUTION NO. 24764
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF PALM SPRINGS, CALIFORNIA AUTHORIZING
KEENAN AND ASSOCIATES, AS THE CITY'S BROKER OF
RECORD, TO PURCHASE PROPERTY LIABILITY, EXCESS
EARTHQUAKE/FLOOD LIABILITY (DIFFERENCE IN
CONDITION), EXCESS LIABILITY, EXCESS WORKERS
COMPENSATION, AIRPORT OWNERS AND OPERATORS
LIABILITY, VILLAGE FEST LIABILITY, MULTI MEDIA
LIABILITY, AIRCRAFT HULL LIABILITY, CRIME/FIDELITY
LIABILITY, AND CYBER LIABILITY INSURANCE POLICIES
FROM VARIOUS CARRIERS FOR POLICY YEAR 2020-
2021, EFFECTIVE JULY 1, 2020.
The City Council of the City of Palm Springs, California, finds:
A. The City is self -insured for major risk programs, such as property,
general liability, auto liability and workers' compensation.
B. The City annually purchases various lines of insurance coverage to
minimize the adverse effects of accidental losses and claims against the City.
C. The City is located in the vicinity of several known active and potentially
active earthquake faults, including the San Andreas, the San Jacinto and the
Elsinore faults.
D. The topography of the City makes it prone to flooding, especially during
times of heavy rainfall.
E. The City purchases a primary earthquake and flood insurance policy.
F. The City supplements its primary insurance policy with excess
coverage to insure against losses arising from litigation, employee injuries and/or
deaths arising from potential catastrophes, losses arising from the City's Airport, and
to properly protect public facilities from catastrophic loss from earthquake or flood.
G. The City Council appoints a broker of record to purchase insurance
policies for the City, and the City's insurance broker has solicited proposals from
various insurance companies for insurance coverage, and presented proposals to
the City to ensure the best coverage obtainable based upon a reasonable
expenditure of public resources with respect to premiums.
Resolution No. 24764
Page 2
NOW, THEREFORE, BE IT RESOLVED, BY THE CITY COUNCIL OF THE CITY
OF PALM SPRINGS AS FOLLOWS:
SECTION 1: The City Council of the City of Palm Springs, California based
upon the true and correct recitals above incorporated herein by this reference as
findings in support of this Resolution, hereby authorizes Keenan & Associates, as
the City's Broker of Record, to purchase the following insurance policies for Fiscal
Year 2020-21:
COVERAGE: I Premium FY 20-21 1
PROPERTY TIV $500M
Premium $315,663
Deductible $10,000
Terrorism coverage included
DIC (Earthquake/Flood)
Premium
SIR
Limit
Premium
Limit
Deductibles
COMPREHENSIVE EXCESS
GENERAL & AUTO LIABILITY
Premium
SIR
Limit
EXCESS WORKERS' COMP
Premium
SIR
Limit
AIRPORT LIABILITY Premium
Deductible
Limit
AIRCRAFT HULL Premium
Deductible
Limit
$644,535 (City+Airport)
$5M
$22,000,000 per occurrence
$199,562 (dedicated WWTP)
$25,000,000 per occurrence
5%ofTIV,$50KminEQ,$100K flood
$638,250
$1 M Law Enf & Auto, $650K all
others
$10,000,000 per occurrence
$210,412
$1,000,000
$50,000,000 per occurrence
$37,584
$1,000
$50,000,000 annual aggregate
Terrorism coverage included
$3,303
$100 static/$500 in motion
$5,000,000 per occurrence
Resolution No. 24764
Page 3
COVERAGE:
Premium FY 20-21
Terrorism coverage included
VILLAGE FEST
Premium
$12,485
Deductibles
$1,000
Limit
$1,000,000 per occurrence
MULTI MEDIA
Premium
$5,513
Deductible
$5,000
Limit
$1,000,000 per occurrence
CRIME/FIDELITY
Premium
$5,513
Deductible
$10,000
Limit
$1,000,000 per occurrence
CYBER/DATA BREACH
Premium
SIR
$16,815
Limit
$15,000
$1,000,000 per
occurrence
Total Premiums
$2,089,635
SECTION 2. The City Manager is hereby authorized to accordingly adjust the
budget and allocate the insurance expense to the appropriate enterprise and other
funds and may authorize any changes that result in lower premium costs for the
same or better coverage that the broker may present between now and June 30,
2020.
SECTION 3. The City Manager is hereby authorized to execute any
documents necessary to effectuate the authorized actions specified herein.
ADOPTED THIS 11th DAY OF JUNE, 2020.
DAVID H. READ
CITY MANAGER
0
Resolution No. 24764
Page 4
CERTIFICATION
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE) ss.
CITY OF PALM SPRINGS)
I, ANTHONY MEJIA, City Clerk of the City of Palm Springs, hereby certify that
Resolution No. 24764 is a full, true and correct copy as was duly adopted at a regular
meeting of the City Council of the City of Palm Springs on June 11, 2020, by the following
vote:
AYES: Councilmembers Garner, Middleton, Woods, Mayor Pro Tern Holstege, and
Mayor Kors
NOES: None
ABSENT: None
ABSTAIN: None
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the
City of Palm Springs, California, this 2,G�4— day of "')�. _ ,
ANTHONY J. JI
CITY CLERK