HomeMy WebLinkAbout21123 - RESOLUTIONS - 11/3/2004 RESOLUTION NO. 21123
OF THE CITY COUNCIL OF THE CITY OF PALM SPRINGS, ,
CALIFORNIA, APPROVING THE C.ITY'S EXCESS
EARTHQUAKE/FLOOD (DIFFERENCE IN CONDITION)
INSURANCE RENEWALS.
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, approves the following insurance coverage renewal:
Earthquake/Flood(Difference in Condition) Premium 11/20/04 through 11/20/05
Excess of$2,500,000 Primary Net of Commission
First Layer Excess of$2.5 Million $95,000
Insurance Company Great American/Greenwich
Best's Rating A All
Limit of Coverage $5,000,000
Second Layer Excess of$7.5 Million $154,838
Insurance Company Lloyds of Landon
Best's Rating N/A
Limit of Coverage $25,000,000
Second Layer Excess of$32.5 Million $108,387
Insurance Company Lloyds of London
Best's Rating N/A
Limit of Coverage $52,500,000
Total $358,225
ADOPTED this 3rd day of November, 2004.
AYES: Members Foat, McCulloch, Mills, Pougnet and Mayor Oden
NOES: None
ABSENT: None
ATTEST: CITY OF PALM
,SPRINGS, CALIFORNIA
By
City Clerk City Man
REVIEWED & APPROVED AS TO FORM ,
H:user/riskadmin/staffreports/staff report&ResNov2004.doc