HomeMy WebLinkAbout19937 - RESOLUTIONS - 11/1/2000RESOLUTION NO.19937
OF THE CITY COUNCIL OF THE CITY OF PALM
SPRINGS, CALIFORNIA, APPROVING INSURANCE
RENEWALS FOR THE CITY'S EXCESS DIFFERENCE IN
CONDITION (EARTHQUAKE/FLOOD) INSURANCE AND
MULTI -MEDIA INSURANCE.
WHEREAS the City's Excess Difference in Condition (Earthquake/Flood) Insurance
coverage expired at midnight on October 31, 2000; and
WHEREAS the City's Multi -Media insurance coverage expires at midnight on
November &, 2000; and
WHEREAS the City of Palm Springs contracted with AON Risk Services, Inc., a
California corporation, on January 5, 2000, to perform services as the City's
Insurance Broker of Record to solicit insurance proposals from qualified carriers
upon renewal of these policies, and
WHEREAS the City of Palm Springs received insurance quotations on these
renewals on October 27, 2000.
NOW THEREFORE BE IT RESOLVED by the City Council of the City of Palm
Springs, approve the following insurance coverage renewals:
Difference in Condition (Quake/Flood)
Premium 11/1/00 through 10/31/01 j
Excess of $2,500,00 Primary
Net of Commissionl
Quake/Flood First Layer Excess
$ 70,672.80
Insurance Companies
Caliber One Indemnity Company
Specialty Surplus Insurance Compan3
Best's Rating
A VI, A VII
Limit of Coverage
$ 10,000,000
Quake/Flood Second Layer Excess
$ 12,222.00
Insurance Companies
Agricultural Insurance Company
Greenwich Insurance Company
Best's Rating
AXIII, A+XI
Limit of Coverage
$ 2,500,000 -
Quake/Flood Third Layer Excess
$ 19,849.40
Insurance Companies
Fulcrum Insurance Company
Agricultural Insurance Company
Greenwich Insurance Company
Pacific Insurance Company, Ltd,
Best's Rating
A VIII, A XII I, A+ XI, A- XI'v
Limit of Coverage
$ 10,000,000
Quake/Flood Fourth Layer Excess
$ 20,928.38
Insurance Companies
Claredon Insurance Company
Excess Insurance Company
Bests Rating
A VIII, A IX
Limit of Coverage
$ 15,000,000
Resolution 19937
Page 2 -
Quake/Flood Excess Fifth Layer
Insurance Companies
Best's Rating
Limit of Coverage
Multi -Media Insurance
Multi -Media Insurance Premium
Insurance Company
Best's Rating
Limits
TOTAL
$ 12,789 157
Clarendon Insurance Company
Insurance Company of the Hlesl
A Vill. AVIII
$ 10,000,00o
Premium 1119100 through 11/81011
$ 5,349.54
American International Specialty Cone
Insurance Compan
A+ X
$ 1,000,000
$ 141,811.681
ADOPTED this 1st day of November, 2000.
AYES: Members Hodges, Jones, Oden, Reller-Spurgin and Mayor Kleindienst
NOES: None
ABSENT: None
ATTEST: CITY OF PALM SPRINGS, CALIFORNIA
By
City Clerk City Manager',
REVIEWED & APPROVED AS TO FORM
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