HomeMy WebLinkAbout20088 - RESOLUTIONS - 6/20/2001 RESOLUTION NO. 20088 ,
OF THE CITY COUNCIL OF THE CITY OF PALM
SPRINGS, CALIFORNIA, APPROVING INSURANCE
RENEWALS FOR THE CITY'S GENERAL LIABILITY,
AIRPORT LIABILITY, AERO SQUADRON AIRCRAFT,
ALL-RISK PROPERTY, BOILER & MACHINERY, CRIME,
EARTHQUAKE/FLOOD (PRIMARY LEVEL) AND
WORKERS' COMPENSATION EXCESS INSURANCE.
WHEREAS the City's General Liability, Auto Physical Damage; (Call-ease), Airport
Liability, Aero Squadron Aircraft, All-Risk Property, Boiler &. Machinery, Crime,
Earthquake/Flood (Primary Level) and Workers' Compensation Excess Insurance
coverages expire at midnight on June 30, 2001; 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
coverages on June 8, 2001.
NOW THEREFORE BE IT RESOLVED by the City Council of the City of Palm
Springs, approve the following insurance coverage renewals:
COVERAGE Premium 7/1/01 through 6/30/02
Net of Commission&taxes
Liability Premium $ 182,904
Less Offset in Broker's Fees $ (30,000)
Net Liability Premium Cost $ 152,904
Insurance Company Independent Cities Risk Mgmt.Authorlt
Self-Insured Retention $ 300,000
Limits of Coverage $ 20,000,000
Quake/Flood Primary Level Premium $ 98,150
Insurance Company Affiliated FM Insurance Co
Best's Rating A+X
Deductible 5%of Values/$25,000 Minimum
Limits $ 2,500,000
All-Risk Property Ins. Premium $ 96,016
Insurance Company Affiliated FM Insurance Co.
Best's Rating A+X '
Deductible $ 5,000
Property Schedule/Limit of Coverage $ _188,429,349
Airport Liability Insurance Premium $ 28,875
Insurance Company ACE US
Best's Rating A IX
Deductible $ 1,500
Limits $ 50,000,000 r•1 _
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Boiler/Machinery $ 28,913
Insurance Company Travelers
Best's Rating A+X
Deductible 5,000/Cogen;$2,500/AII other
Limits $ 25,000,000
Crime Insurance Premium $ 3,971
Insurance Company Hartford Fire Insurance Company
Best's Rating A+X
Deductible $ 1,000
Limits $ 1,000,000
Aero Squadron Insurance Premium $ 3,597
Insurance Company ACE US
Best's Rating A IX
Deductible $ 500
Limits $ 5,000,000
Workers'Comp Insurance Premium $ 31,415
Insurance Company Employers Reinsurance Corp
Best's Rating A++X
Self-Insured Retention $ 300,000
Limits Statutory
Employer Liability $ 5,000,000
Auto Physical Damage Program $ 18,961
Insurance Company Royal Insurance
Best's Rating A XI
Deductible $ 20,000
Limits $ 6,632,964
TOTAL $463,841
ADOPTED this 20" day of June, 2001.
AYES: Members Hodges, Jones, Oden, Reller-Spurgin and Mayor Kleindienst
NOES: ' None
ABSENT: None
ATTEST: CITY OF PALM SPRINGS, CALIFORNIA
City Clerk City Manager
REVIEWED & APPROVED AS TO FORM
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