HomeMy WebLinkAbout20640 - RESOLUTIONS - 6/18/2003 RESOLUTION NO. 20640 '
OF THE CITY COUNCIL OF THE CITY OF PALM
SPRINGS, CALIFORNIA, APPROVING INSURANCE
RENEWALS FOR 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).
WHEREAS the City's, Airport Liability, Aero Squadron Aircraft, All-Risk Property,
Earthquake/Flood (Primary Level), Crime, Boiler & Machinery, General Liability,
Auto Physical Damage (CaLease) coverages expire at midnight on June 30, 2003;
and
WHEREAS the City of Palm Springs joined the Independent Cities Risk
Management Authority (ICRMA) on July 1, 2001, and is withdrawing from
participation effective June 30, 2003; 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, General Liability, and
Auto Physical Damage (CaLease) on June 9, 2003.
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 711103 through 6/30/04
1)Quake/Flood Primary Level Premium $142,800
Insurance Company Affiliated FM Insurance Co.
Best's Rating A+XV
Deductible 5%of Values/$50,000 Minimum
Limits $2,500,000
2)All-Risk Property Ins.Premium $149,791
Plus Loss Control Audit Fee $ 2,000
Insurance Company Affiliated FM Insurance Co.
Bests Rating A+XV
Deductible $10,000
Property Schedule/Limit of Coverage $199,034,210 '
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Resolution 20640
Page 2
Continued: FROM DAV18 S GRAEBER Premium 7/1/03 through 6/30/04
3)Airport Liability Insurance Premium $ 51,420
Insurance Company ACE USA
Best's Rating A+IX
Deductible No deductible
_Limits $50,000,000
4)Boiler/Machinery Premium $37,545
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
Sest's Rating A+XV
Deductible Employee theft$10,000. All others$.1,000
Limits $1,000,000
6)Aero Squadron Insurance Premium $4,905
War Coverage $918
Insurance Company ACE USA
Besfs Rating A+IX
Deductible $500
Limits $5,000,000
' 7)General Liability Premium $229,134
Insurance Company of the State of
Insurance Company Pennsylvania
Best's Rating A++XV
Self-Insured Retention $300,000
Limits $10,000,000
8)Auto Physical Damage Premium $82,760
Insurance Company
Lloyds of London
Best's Rating
Deductible $5,000
Limits Per loss $1,000,000
TOTAL $705,244
ADOPTED this 18`h day of June, 2003.
AYES: Members Oden, Reller-Spurgin and Mayor Kleindienst
NOES: None
ABSENT: Members Hodges and Mills
ATTEST: CITY OF PALM SPRINGS, CALIFORNIA
B
ity Clerk City Manager 36
REVIEWED &APPROVED AS TO FORM