HomeMy WebLinkAbout21459 - RESOLUTIONS - 11/16/2005 RESOLUTION NO. 21459
A RESOLUTION 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 of Palm Springs is located in the vicinity of several known active
and potentially active earthquake faults including the San Andreas, the San Jacinto and
the Elsinore faults; and
WHEREAS, the topography of the City makes it prone to flooding especially during
times of heavy rainfall; and
WHEREAS, each year the City purchases a primary earthquake and flood insurance
policy; and
WHEREAS, the City supplements its primary insurance policy with excess coverage to
properly protect its public facilities from catastrophic loss from earthquake or flood; and
WHEREAS, the City's property schedule is estimated at $281,374,878; and
WHEREAS, this is an increase of$81,393,419 over the prior year; and
WHEREAS, the City Council desires to provide insurance coverage in an amount that
will properly protect public property from earthquake and flood damage.
NOW THEREFORE BE IT RESOLVED by the City Council of the City of Palm Springs,
California, approves the following excess insurance coverage renewal:
Earth wake/Flood Difference in Condition) Premium 11/20/05 through 11/20/06
Excess of$2,500,000 Primary Net of Commission
First Layer Excess of$5 Million $159,999
Insurance Company Great American/Greenwich
Best's Rating A XII
Limit of Coverage $7,500,000
Second Layer Excess of$5 Million $107,239
Insurance Company Lloyds of London
Best's Rating NA
Limit of Coverage $12,500,000
Third Layer Excess of$5 Million $68,243
Insurance Company Lloyds of London
Best's Rating N/A
Limit of Coverage $17,500,000
Fourth Layer Excess of$5 Million $53,619
Insurance Company Lloyds of London
Best's Rating N/A
Limit of Coverage $22,500.000
Total $389,100
Resolution No. 21459
Page 2
ADOPTED this 16th day of November, 2005. ,
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David H. Ready, City any er
ATTEST:
JJAies Thompson, City Clerk
/✓ CERTIFICATION
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.
CITY OF PALM SPRINGS )
I, JAMES THOMPSON, City Clerk of the City of Palm Springs, hereby certify that Resolution
No. 21459 is a full, true and correct copy, and was duly adopted at a regular meeting of the
City Council of the City of Palm Springs on November 16, 2005, by the following vote:
AYES: Councilmembers Foat, Mills, Pougnet, Mayor Pro Tern McCulloch and Mayor
Oden
NOES: None
ABSENT: None
ABSTAIN: None
/.fames Thompson, City Clerk
City of Palm Springs, California