HomeMy WebLinkAbout25020RESOLUTION NO. 25020
' 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, VILLAGE FEST, AND CYBER
LIABILITY INSURANCE POLICIES FROM VARIOUS CARRIERS FOR
POLICY YEAR 2022-2023, EFFECTIVE JULY 1, 2022.
The City Council of the City of Palm Springs, California, finds:
A. The City of Palm Springs is self -insured for major risk programs,
such as property, general liability, auto liability and workers'
compensation.
B. The City of Palm Springs annually purchases various lines of
insurance coverage to minimize the adverse effects of accidental
losses and claims against the City of Palm Springs.
C. The City of Palm Springs 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 of Palm Springs makes it prone to
flooding, especially during times of heavy rainfall.
E. The City of Palm Springs purchases a primary earthquake and flood
insurance policy.
F. The City of Palm Springs 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 'of the City of Palrri Springs has appointed 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
Resolution No. 25020
Page 2
reasonable expenditure of public resources with respect to I
premiums.
NOW, THEREFORE, the City Council of the City of Palm Springs 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 2022-23:
PRDJECTFD IAWJRANCE FOR FM22-23 -
ITEM
DESCRIP
n22COi15
PBO1ECiEOMICRFASE
U-23PROJECTEDO0
22-n ACLIALCOS
DELTA
1
WORKERSCOMP
$ 236,101.00
30%
$ 259,n3.10
$ 26LM.00
$ L653.W
2
EXCESS LIABILITY
$ 699,828.00
50%
$ L06 W2.00
$ Bs0.000A0
$ 199,]42.00
3
EPLBWDOWN
$ 61,215.00
50%
$ 91182250
$ 68,504.OD
$ M.318.50
4
MEDIA UABIIJFY
$ 6.0n.n
10%
$ 602.88
$ 6,028.75
$ 5A25.88
5
AIRPORTUADIIJTY
$ 41222.00
10%
$ 47,544.M
$ 47,543AD
$ L20
6
AIRCMFTHUILBUABIM
$ 3,7%.00
I0%
$ 4,1n.40
$ L75000
$
CYBER UABILJT!
$ 26,n1.00
LW%
$ 51AS&M
$ 51,960A0
$ 9AN-210PROP
WALLRISK
$ 36L012.0D
20%
$ 435,61`Lw
$ 410,78200
$ M,83240PROPERTY
DIC AM
$ 275.173.10
20%
$ 331,407.n
$ 30L76269
$PROPOY
J97
me-WWTP
$ 222.150.00
20%
$ 272,580.00
$ 297,814.30
$ 25,2M.W
CRIMECOVERA SE-
$ 5,513.00
10%
$ 6,0 W
$ 10,M00
$ 4,667.70
VILLAGE FEST
$ LZcKL 5
10%
$ 13,662.17
$ 12,30658
$ L355.59
SUBTOTAL
$ 1.961778AD
$ 2.W4,WL96
$ L32LSW.32
$ 25L814.64
P113
MIC MANAGEMENT FEE
$ 16,750.00
$ 16,F .%
$ 16,75000
$
4
MICJPAADMINFEE
$ 6,50000
$ 7,0D0.00
$ 7,000.00
1 $
IS
KEENAN BROKERAGE FEE
$ 60,000.00
1
$ 0500.00
$ 63AW.00
1 $
LOM,428A0
29%
$ 2,661AXL%
$ ZADI818.32
$ 152,814b4
•Alto to Quote Received
$2MM iimits / $20,000 deductible
/ S7,415 Premium
$5MM limttl / $50,000 deductible
/ $10,732 premium
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, 2022.
SECTION 3. The City Manager is hereby authorized to execute any
documents necessary to effectuate the authorized actions specified herein.
G
Resolution No. 25020
Page 3
' ADOPTED THIS 1611 DAY OF JUNE, 2022.
ryi1X36
MONICYJ-tN1tLl, CMC
INTERIM CIW CLERK
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE )
CITY OF PALM SPRINGS)
i
JUSTIN CLIFTON
CITY MANAGER
CERTIFICATION
ss.
I, MONIQUE M. LOMELI, Interim City Clerk of the City of Palm Springs, hereby
certify that Resolution No. 25020 is a full, true and correct copy, and was duly adopted at
a regular meeting of the City Council of the City of Palm Springs on the 16th day of June
2022, by the following vote:
AYES: Councilmembers Holstege, Kors, Woods, Mayor Pro Tern Garner, and
Mayor Middleton
NOES:
ABSENT:
ABSTAIN:
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the
City of Palm Springs, California, this day of
MONICI9E M. LOMELI, CMC
INTERIM CITY CLERK