HomeMy WebLinkAbout21772 - RESOLUTIONS - 11/15/2006 RESOLUTION NO. 21772
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
PALM SPRINGS, CALIFORNIA, APPROVING EXCESS
EARTHQUAKE/FLOOD INSURANCE COVERAGE IN THE
AMOUNT OF $618,763.00.
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 $335,842,805.00; and
WHEREAS, this is an increase of$54,467,927,00 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:
Earthquake/Flood (Difference in Condition) Premium 11/20/06 through 11/20/07
Excess of$2,500,000 Primary Net of Commission
Cumulative Total
First Layer Excess of$5 Million $228,990.72
Insurance Company Arch Spec. ($228,990.72)
Sest's Rating A-XV
Limit of Coverage$7,500,000
Second Layer Excess of$2.5 Million $63,825.09
Insurance Company Westchester Fire (S292,815.81)
Best's Rating A*XI
Limit of Coverage$10,000,000
Third Layer Excess of$5 Million $194,886.23
Insurance Company Lloyds of London ($487,702.04)
Best's Rating NA
Limit of Coverage$15,000,000
Resolution No, 21772
Page 2
Fourlh Layer Exoess of$10 Million $292,328.82 '
Insurance Company Lloyds of London (S780,030.86)
Best's Rating NIA
Limit of Coverage 325,000,000
ADOPTED THIS 151h day of November, 2006.
David H. Read it Hager
ATTEST:
es 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. 21772 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 the 15th day of November,
2006, by the following vote:
AYES: Councilmember Pougnet, Mayor Pro Tem Foat, and Mayor Oden.
NOES: Councilmember McCulloch.
ABSENT: Councilmember Mills.
ABSTAIN: None.
l
/J,*nes Thompson, City Clerk
L/
/iCity of Palm Springs, California
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