HomeMy WebLinkAbout24052 RESOLUTION NO. 24052
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,
VILLAGE FEST LIABILITY, MULTI MEDIA LIABILITY, AIRCRAFT HULL
LIABILITY, CRIME/FIDELITY LIABILITY, AND CYBER LIABILITY
INSURANCE POLICIES FROM VARIOUS CARRIERS FOR POLICY
YEAR 2016-2017, EFFECTIVE JULY 1, 2016.
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 resolves:
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 2016-17:
Resolution No. 24052
Page 2
COVERAGE: Premium FY 16-17
PROPERTY
Premium $240,000
Deductibles $250,000 for Earthquake
$100,000 Flood
$10,000 all other Losses
Limits 1"$51M EQ/Flood not
included
Terrorism coverage included
Air ort Runwa s$SOM
DIC
(Earthquake/Flood)
Premiums $120,976 (City+Airport)
Limits $5,000,000
(excess of$5.OM)
$153,046 (dedicated WWTP)
$25,000,000
COMPREHENSIVE
EXCESS GENERA
&AUTO LIABILITY
Premium $219,800
Self-Insured Retention $650,000 Employment
Practices,
$1,000,000/Auto& Law Enf.
Limits $10,000,000
EXCESS
WORKERS' COMP
Premium $146,961
SIR-Police&Fire $1,000,000
SIR-allother employees $1,000,000
Limits $50,000,000 per occurrence
AIRPORT LIABILITY
Premium $28,126
Deductible $1,000
Limits $50,D00,000
Terrorism coverage included
VILLAGE FEST
Premium $13,109
Deductibles $1,000
Limits $1,000,000/$21000,000
AGGI$2,000,000 PRODI$100,000
FIRE
MULTI MEDIA
Premium $7,080
Deductibles $5,000
Limits $1,000,000
AIRCRAFT HULL
Premium $2,824
Deductible $75K hull, $100 In
Limits Motion/$500 Static
$5,000,000
Terrorism coverage included
CRIMEIFIDELITY
Premium $2,808
Deductibles $10,0001$1,000
Limits $1,000,000/$100,000/$300,000
Resolution No. 24052
Page 3
CYBERIDATA
BREACH
Premium $16,271
SIR $15,000
Limits $1,000,000
Total Premiums $951,001
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, 2016.
SECTION 3. The City Manager is hereby authorized to execute any
documents to effectuate such actions.
ADOPTED THIS 15th DAY OF JUNE, 2016.
C� <
David H. Ready, City-Mana
ATTEST:
;PEs 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. 24052 is a full, true and correct copy as was dul� adopted at a regular
meeting of the City Council of the City of Palm Springs on the 15t day of June, 2016 by
the following vote:
AYES: Councilmember Foat, Councilmember Kors, Councilmember Roberts,
Mayor Pro Tern Mills, and Mayor Moon.
NOES: None.
ABSENT: None.
ABSTAIN: None.
es Thompson, City Clerk
City of Palm Springs, California