HomeMy WebLinkAbout24623RESOLUTION NO. 24623
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
PALM SPRINGS, CALIFORNIA, AUTHORIZING KEENAN &
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, VILLAGEFEST LIABILITY, MULTI MEDIA
LIABILITY, AIRCRAFT HULL LIABILITY, CRIME/FIDELITY
LIABILITY, AND CYBER LIABILITY INSURANCE POLICIES
FROM VARIOUS CARRIERS FOR POLICY YEAR
2019-2020, EFFECTIVE JULY 1, 2019.
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. 24623
Page 2
NOW, THEREFORE, THE CITY COUNCIL RESOLVES:
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 2019-20:
COVERAGE:
Premium FY 19-20
PROPERTY
TIV $500M
Premium
$252,948
Deductible
$10,000
Terrorism coverage included
DIC
(Earthquake/Flood)
Premium
$ 207,123 (City+Airport)
SIR
$5M
Limit
$10,000,000 per occurrence
Premium
$151,317 (dedicated WWTP)
Limit
$25,000,000 per occurrence
Deductibles
5%ofTIV,$50KminEQ,$100K
flood
COMPREHENSIVE
EXCESS GENERA
& AUTO LIABILITY
Premium
$549,250
SIR
$1 M Law Enf & Auto, $650K
all others
Limit
$10,000,000 per occurrence
EXCESS
WORKERS' COMP
Premium
$168,700
SIR
$1,000,000
Limit
$50,000,000 per occurrence
AIRPORT LIABILITY
Premium
$30,687
Deductible
$1,000
Limit
$50,000,000 annual aggregate
Terrorism coverage included
AIRCRAFT HULL
Premium
$2,914
Deductible
$100 static/$500 in motion
Limit
$5,000,000 per occurrence
Terrorism coverage included
VILLAGE FEST
Premium
$12,365
Deductibles
$1,000
Limit
$1,000,000 peroccurrence
MULTI MEDIA
Premium
$5,510
Deductible
$5,000
Limit
$1,000,000 per occurrence
Resolution No. 24623
Page 3
COVERAGE:
Premium FY 19-20
CRIME/FIDELITY
Premium
$5,578
Deductible
$10,000
Limit
$1,000,000 per occurrence
CYBER/DATA
BREACH
Premium
$16,330
SIR
$15,000
Limit
$1,000,000
per
occurrence
Total Premiums
$1,402,722
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, 2019.
SECTION 3. The City Manager is hereby authorized to execute any
documents necessary to effectuate the authorized actions specified herein.
ADOPTED THIS 5T" DAY OF JUNE, 2019.
David H. Ready, Esq., Ph
City Manager
ATTEST:
Arftl6ony J. M ji MM
City Clerk
Resolution No. 24623
Page 4
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE )
CITY OF PALM SPRINGS)
CERTIFICATION
SS.
I, ANTHONY MEJIA, City Clerk of the City of Palm Springs, hereby certify that
Resolution No. 24623 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 the 5th day of June, 2019 by
the following vote:
AYES: Councilmembers Holstege, Middleton, Roberts, Mayor Pro Tern Kors, and
Mayor Moon
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 2ci+— day of 'TT -At::- 20
6,, - Lt, �
�ArAhony J. ejia,
City Clerk