HomeMy WebLinkAbout20200 - RESOLUTIONS - 10/17/2001 RESOLUTION NO. 20200
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 MULTII-MEDIA
INSURANCE.
WHEREAS the City's Excess Difference in Condition (Earthquake/Flood)
Insurance coverage expires at midnight on October 31, 2001; and
WHEREAS the City's Multi-Media insurance coverage expires at midnight
on November 8, 2001; and
WHEREAS the City of Palm Springs contracted with Davis & Graeber
Insurance Services, Inc., a California Corporation, on October 3, 2001, 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 5, 2001.
NOW THEREFORE BE IT RESOLVED by the City Council of the City of '
Palm Springs, approve the following insurance coverage renewals:
Earth q uake/Flood Net of Commission
$2,500,00 Primary Renewed Premium
on 7/1/01 $98,150.00
Excess 11/1101 through 10/31/02
Quake/Flood First Excess Layer $79,716.00
Insurance Companies Great American
$10,000,000 excess of$2,500,000 Greenwich Insurance
Best's Rating A XII,A+XV
Limit of Coverage $10,000,000
Quake/Flood Second Excess Layer $14,846.30
Insurance Company Pacific Insurance
$2,500,000 excess of$12,500,000
Best's Rating A+IV
Limit of Coverage $2,500,000
Quake/Flood Third Excess Layer $29,649.60
Insurance Companies Westchester Fire
$10,000,000 excess of$15,000,000 Essex Insurance Co.
Best's Rating A XIII,A IX
Limit of Coverage $10,000,000
Quake/Flood Fourth Excess Layer $14,370.00
Insurance Company '
$5,000,000 excess of$25,000,000 Westport Insurance Co.
Best's Rating A++XV
Limit of Coverage $5,000,000
6 /�
R20200
Page 2 Quake/Flood Fifth Excess Layer $14,443
Insurance Company Claredon National
$10,000,000 excess of$30,000,000
' Best's Rating AVIII
Limit of Coverage $10,000,000
Quake/Flood Sixth Excess Layer $36,357.50
Insurance Companies Insurance Company of the West
$36.000,000 excess of$40,000,000 Empire Fire&Marine
Clarendon National
Essex Insurance co.
Westchester Fire
RLI
Best's Rating AVIII,A+VIII,AVIII,AIX,AXIII,AIX
Limit of Coverage $36,000,000
Total of Excess Earthquake/Flood
November Renewal Premiums $189,382.40
Multi-Media Insurance 11/9/01 through 1118/02
Multi-Media Insurance Premium $5,349.54
Insurance Company American International Specialty Lines
Insurance Company
Best's Rating A+XV
Limits $1.000,000
TOTAL Earthquake and Multi-Media $194,731.94,
ADOPTED this 17th day of October, 2001.
AYES: Members Hodges, Jones, Oden, Reller—Spurgin and Mayor Kleindienst
NOES: None
' ABSENT: None
ATTEST: CITY OF PALM SPRINGS, CALIFORNIA
City Clerk City Mana
REVIEWED &APPROVED AS TO FORM '�G��