HomeMy WebLinkAbout20492 - RESOLUTIONS - 11/26/2002 RESOLUTION NO. 20492
OF THE CITY COUNCIL OF THE CITY OF PALM
' SPRINGS, CALIFORNIA, APPROVING THE CITY'S
EXCESS EARTHQUAKE/FLOOD (DIFFERENCE IN
CONDITION) INSURANCE RENEWALS.
WHEREAS the City's Excess Earthquake/Flood (Difference in Condition) Insurance
coverage expired at midnight on November 20, 2002; and
WHEREAS the City of Palm Springs contracted with Davis and 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 1, 2002.
NOW THEREFORE BE IT RESOLVED by the City Council of the City of Palm
Springs, approve the following insurance coverage renewals:
Earthquake/Flood(Difference in Condition) Premium 11/21/02 through 11/20/03
Excess of$2,500,000 Primary Net of Commission
First Layer Excess of$2.5 Million $ 95,000.00
Insurance Company Great American Assurance
Best's Rating A XI I
Limit of Coverage $ 10,000,000
Second Layer Excess of$12 5 Million $103,714.63
Insurance Company Clarendon American Ins.
Best's Rating A VIII
Limit of Coverage $40,000,000
Thud Layer Excess of$52.5 Million $ 18,000.00
Insurance Companies Excess Insurance Company
Westchester Fire Insurance.
Best's Rating A IX,A XII
Limit of Coverage $ 15,000,000
Fourth Layer Excess of$67.5 Million $ 18,000.00
Insurance Companies Excess Insurance Company
Westchester Fire Insurance
Best's Rating A IX,A XII
Limit of Coverage $ 15,000,000
TOTAL $ 234,714.63
ADOPTED this26 th day of November, 2002.
AYES: Members Hodges, Mills, Oden, Reller-Spurgin and Mayor Kleindienst
NOES: None
ABSENT: None
TTEST CITY OF PALM SPRINGS, CALIFORNIA
City Clerk City Manager�. '�