HomeMy WebLinkAbout24440 RESOLUTION NO. 24440
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM
SPRINGS, CALIFORNIA, AUTHORIZING KEENAN AND ASSOCIATES,
AS THE CITY'S BROKER OF RECORD, TO PURCHASE PROPERTY
LIABILITY, EXCESS EARTHQUAKE/FLOOD LIABILITY (DIFFERENCE IN
CONDITION), EXCESS LIABILITY, EXCESS WORKERS
COMPENSATION, AIRPORT OWNERS AND OPERATORS LIABILITY,
VILLAGEFEST LIABILITY, MULTI MEDIA LIABILITY, AIRCRAFT HULL
LIABILITY, CRIME/FIDELITY LIABILITY, AND CYBER LIABILITY
INSURANCE POLICIES FROM VARIOUS CARRIERS FOR POLICY
YEAR 2018-2019, EFFECTIVE JULY 1, 2018.
THE CITY COUNCIL OF THE CITY OF PALM SPRINGS, CALIFORNIA,
FINDS:
A. The City is self-insured for major risk programs, such as property,
general liability, auto liability and workers' compensation.
B. The City annually purchases various lines of insurance coverage to
minimize the adverse effects of accidental losses and claims against the City.
C. The City 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.
D. The topography of the City makes it prone to flooding, especially during
times of heavy rainfall.
E. The City purchases a primary earthquake and flood insurance policy.
F. The City supplements its primary insurance policy with excess
coverage to insure against losses arising from litigation, employee injuries and/or
deaths arising from potential catastrophes, losses arising from the City's Airport, and
to properly protect public facilities from catastrophic loss from earthquake or flood.
G. The City Council appoints a broker of record to purchase insurance
policies for the City, and the City's insurance broker has solicited proposals from
various insurance companies for insurance coverage, and presented proposals to
the City to ensure the best coverage obtainable based upon a reasonable
expenditure of public resources with respect to premiums.
Resolution No. 24440
Page 2
NOW, THEREFORE, THE CITY COUNCIL RESOLVES:
SECTION 1 : The City Council of the City of Palm Springs, California based
upon the true and correct recitals above incorporated herein by this reference as
findings in support of this Resolution, hereby authorizes Keenan & Associates, as
the City's Broker of Record, to purchase the following insurance policies for Fiscal
Year 2018-19:
COVERAGE: Premium FY 18-19
PROPERTY
Premium $230,771
Deductible $10,000
Terrorism coverage included
DIC
(Earthquake/Flood)
Premium $129,000 (City+Airport))
Limit $5,000,000
(excess of$5.OM)
Premium $131,580(dedicated WWTP)
Limit $25,000,000
Deductibles 5%ofTIV,$50KminEQ,$lOOK
flood
COMPREHENSIVE
EXCESS GENERA
&AUTO LIABILITY
Premium $540,000
SIR $1M Law Enf&Auto,$650K
all others
Limit $10,000,000
EXCESS
WORKERS' COMP
Premium $163,993
SIR $1,000,000
Limit $50,000,000 per occurrence
AIRPORT LIABILITY
Premium $29,171
Deductible $1,000
Limit $50,000,000
Terrorism coverage included
AIRCRAFT HULL
Premium $2,824
Deductible $100 static/$500 in motion
Limit $5,000,000 per occurrence
Terrorism coverage included
VILLAGE FEST
Premium $12,365
Deductibles $1,000
Limit $1,000,000 peroccurrence
MULTI MEDIA
Premium $5,510
Deductible $5,000
Limit $1,000,000 peroccurrence
CRIME/FIDELITY
Premium $3,665
Resolution No. 24440
Page 3
COVERAGE: Premium FY 18-19
Deductible $10,000
Limit $1,000,000
CYBER/DATA
BREACH
Premium $16,330
SIR $15,000
Limit $1,000,000
Total Premiums $1,265,209
SECTION 2. The City Manager is hereby authorized to accordingly
adjust the budget and allocate the insurance expense to the appropriate enterprise
and other funds and may authorize any changes that result in lower premium costs
for the same or better coverage that the broker may present between now and June
30, 2018.
SECTION 3. The City Manager is hereby authorized to execute any
documents necessary to effectuate the authorized actions specified herein.
ADOPTED THIS 61h DAY OF JUNE, 2018.
David H. Ready, q., Ph.D.
City Manager
on J. M jia
City Cle
Resolution No. 24440
Page 4
CERTIFICATION
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.
CITY OF PALM SPRINGS )
I, ANTHONY MEJIA, City Clerk of the City of Palm Springs, hereby certify that
Resolution No. 24440 is a full, true and correct copy as was duly adopted at a regular
meeting of the City Council of the City of Palm Springs on June 6, 2018 by the following
vote:
AYES: Councilmembers Holstege, Kors, Middleton, Mayor Pro Tern Roberts, and
Mayor Moon
NOES: None
ABSENT: None
ABSTAIN: None
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the
City of Palm Springs, California, this _ lo4- day of �, .
A ny . Me 'a, MM
City Cle