HomeMy WebLinkAbout23833 RESOLUTION NO. 23833
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 2015-2016, EFFECTIVE JULY 1, 2015.
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 2015-16:
Resolution No. 23833
Page 2
COVERAGE: Premium FY 15-16
PROPERTY
Premium $380,670
Deductibles $250.000 for Earthquake
$100,000 Flood
$10,000 all other Losses
Limits I"$5M EQ/Flood not
included
Terrorism coverage included
Airport Runways$80M
DIC
(Earthquake/Flood)
Premiums $163,056(City+Airport)
Limits $5,000.000
(excess of$5.01VI)
$281,777(dedicated WWTP)
$25,000,000
COMPREHENSIVE
EXCESS GENERA
&AUTO LIABILITY
Premium $150,788
Self-Insured Retention $660,000 Employment
Practices,
$650,000,all other:
Limits $10,000,000
EXCESS
WORKERS' COMP
Premium $142,297
SIR-Police&Fire $1,000,000
SIR-allother employees $1,000.000
Limits $50,000,000 per occurrence
AIRPORT LIABILITY
Premium $28,791
Deductible $1.000
Limits $50,000,000
Terrorism coverage included
VILLAGE FEST
Premium $13,109
Deductibles $1,000
Limits $1,000,00052,000,000
AGG/$2,000,000 PROD/$100,000
FIRE
MULTI MEDIA
Premium $7,895
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
CRIME/ FIDELITY
Premium $2,802
Deductibles $10,000/$1,DD0
Limits $1,000,000/$100.000/$300,000
Total Premiums $1,133,978
Resolution No. 23833
Page 3
CYBER/DATA
Premium $16,462.53
Deductibles $15,000
Limits 1,000,000
Annrpnat.
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, 2015.
SECTION 3. The City Manager is hereby authorized to execute any
documents to effectuate such actions.
ADOPTED THIS 3RD DAY OF JUNE, 2015.
David H. Ready, City 'rpA ger
ATTEST:
ames 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. 23833 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 the 3'd day of June, 2015, by
the following vote:
AYES: Councilmember Foat, Councilmember Hutcheson, Councilmember Mills,
and Mayor Pro Tern Lewin.
NOES: None.
ABSENT: Mayor Pougnet.
ABSTAIN: None.
es Thompson, City Clerk
ity of Palm Springs, California