HomeMy WebLinkAbout20369 - RESOLUTIONS - 6/19/2002 RESOLUTION NO. 20369
OF THE CITY COUNCIL OF THE CITY OF PALM
SPRINGS, CALIFORNIA, APPROVING INSURANCE
RENEWALS FOR THE CITY'S AIRPORT LIABILITY,
AFRO SQUADRON AIRCRAFT, ALL-RISK PROPERTY,
EARTHQUAKE/FLOOD (PRIMARY LEVEL), CRIME,
BOILER & MACHINERY, GENERAL LIABILITY AND
AUTO PHYSICAL DAMAGE (CALEASE) INSURANCE.
WHEREAS the City's, Airport Liability, Aero Squadron Aircraft, All-Risk Property,
Earthquake/Flood (Primary Level), Crime, Boiler & Machinery, General Liability,
and Auto Physical Damage (CaLease) Insurance coverages expire at midnight on
June 30, 2002, and
WHEREAS the City of Palm Springs joined the Independent Cities Risk
Management Authjority (ICRMA) on July 1, 2001; and participates in ICRMA's Auto
Physical Damage Insurance Program in addition to the General Liability Insurance
Program; and
WHEREAS the City of Palm Springs contracted with Davis & Graeber Insurance
Services, Inc., a California Corporation, on October 1, 2001, to perform services as
the City's Insurance Broker of Record to solicit insurance proposals from qualified
carriers upon renewal of the City's policies; and
WHEREAS the City's Insurance Broker of Record provided insurance quotations
for the City's Airport Liability, Aero Squadron Aircraft, All-Risk Property,
Earthquake/Flood (primary level), Crime, Boiler & Machinery on June 4, 2002, and
ICRMA provided insurance quotations for the City's General Liability and Auto
Physical Damage (CaLease) on June 12, 2002.
NOW THEREFORE BE IT RESOLVED by the City Council of the City of Palm
Springs, approve the following insurance coverage renewals:
COVERAGE FROM DAVIS&GRAEBER Premium 7/1102 through 6/30/03
1)Quake/Flood Primary Level Premium $126,036
Insurance Company Affiliated FM Insurance Co.
Best's Rating A+XV
Deductible 5%of Values/$25,000 Minimum
Limits $2 500,000
2)All-Risk Property Ins Premium $123,911
Plus Loss Control Audit Fee $ 2,200
Insurance Company Affiliated FM Insurance Co.
Best's Rating A+XV
Deductible $10.000
' 1 Property Schedule/Limit of Coverage $190,144,504
Resolution 20369
Page 2
Continued: FROM DAVIS&GRAEBER premium 7/1102 through 6130103
3)Airport Liability Insurance Premium $42,649 '
Insurance Company ACE USA
Best's Rating A IX
Deductible $1,500
Limits $50,000,000
4) Boiler/Machinery Premium $28,913
Insurance Company Travelers
Best's Rating A+XV
Deductible $25,000/Cogen;$5,000/AII other
Limits $40.000,000
5)Crime Insurance Premium $3,971
Insurance Company Hartford Fire Insurance Company
Best's Rating A+XV
Deductible $1,000
Limits $1,000.000
6)Aero Squadron Insurance Premium $4,897
War Coverage $ 648
Insurance Company ACE USA
Best's Rating A IX
Deductible S500
Limits $5.000.000
COVERAGE FROM ICRMA Premium 711/02 through 6/30/03 '
7)General Liability Premium $278,006
Insurance Company Independent Cities Risk Mgmt Authority
Self-Insured Retention $300,000
Limits of Coverage $20.000.000
8)Auto Physical Damage Premium $25,487
Insurance Company Royal Insurance(through ICRMA)
Best's Rating A VIII
Deductible $5,000
Limits $5,388.354
TOTAL $$34,518
ADOPTED this 19th day of June, 2002.
AYES. Members Bodges, Oden, and Mayor pro tem Reller-Spurgin
NOES None
ABSENT: Member Mills and Mayor Kleindienst
ATTEST: CITY OF PALM SPRINGS, CALIFORNIA
City Clerk City Mana '
REVIEWED & APPROVED AS TO FORM
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