HomeMy WebLinkAbout24243 RESOLUTION NO. 24243
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM
SPRINGS, CALIFORNIA, AUTHORIZING KEENAN &
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 2017-2018, EFFECTIVE
JULY 1, 2017.
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 properly protect its 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.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PALM
SPRINGS RESOLVES:
Resolution No. 24243
Page 2
SECTION 1: The City Council of the City of Palm Springs, California
authorizes Keenan & Associates, as the City's Broker of Record, to purchase the
following insurance policies for Fiscal Year 2017-18:
COVERAGE: Premium FY 17-18
PROPERTY
Premium $228,500
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,$1OOKflood
COMPREHENSIVE EXCESS
GENERAL & AUT
LIABILITY
Premium $515,000 (via MIC')
SIR $1 M Law Enf&Auto, $650K all others
$10,000,000
Limit
EXCESS WORKERS'
COMP Premium $162,615
SIR $1,000,000
Limit $50,000,000 per occurrence
AIRPORT LIABILITY
Premium $28,126
Deductible $1,000
Limit $50,000,000
Terrorism coverage included
VILLAGE FEST
Premium $12,469
Deductibles $1,000
Limit $1,000,000 peroccurrence
MULTI MEDIA
Premium $6,721
Deductible $5,000
Limit $1,000,000 peroccurrence
AIRCRAFT HULL Premium
Deductible $2,824
Limit $100 static/$500 in motion
$5.000,000 per occurrence
Terrorism coverage included
CRIME/FIDELITY
Premium $3,533
Deductible $10,000
Limit $1,000,000
Resolution No. 24243
Page 3
CYBER/DATA BREACH
Premium
SIR $15,571
Limit $15.000
$1,000,000
Total Premiums $1,235,939
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, 2017.
SECTION 3. The City Manager is hereby authorized to execute any
documents to effectuate such actions.
ADOPTED THIS 7" DAY OF JUNE, 2017.
David H. Ready, Esq., P .
City Manager
ATTEST:
VA4MA-P
Kathleen D. Hart, MMC
Interim City Clerk
Resolution No. 24243
Page 4
CERTIFICATION
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.
CITY OF PALM SPRINGS )
1, KATHLEEN HART, Interim City Clerk of the City of Palm Springs, hereby
certify that Resolution No. 24243 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 7, 2017 by the
following vote:
AYES: Councilmembers Kors, Roberts, Mayor Pro Tern Foat, and Mayor Moon
NOES: None
ABSENT: Councilmember Mills
ABSTAIN: None
RECUSED: None
Kathleen D. Hart, MMC
Interim City Clerk