HomeMy WebLinkAbout20787 - RESOLUTIONS - 11/19/2003 RESOLUTION NO. 20787
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, 2003; 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
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 11/21/03 through 11/20/04
Excess of$2,500,000 Primary Net of Commission
First Layer Excess of$2.5 Million $107,100.00
Insurance Company Great American Assurance
Best's Rating A XI I
Limit of Coverage $7,500,000
Second Layer Excess of$10 Million $127,899.75
Insurance Company Lloyds of London
Besfs Rating
Limit of Coverage $25,000,000
TOTAL $234,999.75
ADOPTED this 19th day of November, 2003.
AYES: Members Mills, Oden,. and Reller-Spurgin
NOES: Mayor Kleindienst
ABSENT: Member Hodges
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ATTEST: I CITY OF PALM SPRINGS, CALIFORNIA
City Clerk" ' City Manaber
REVIEWED & APPROVED AS TO FORM