HomeMy WebLinkAbout23567 RESOLUTION NO. 23567
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, VILLAGE FEST LIABILITY, MULTI MEDIA
LIABILITY, AIRCRAFT HULL LIABILITY, AND
CRIME/FIDELITY LIABILITY INSURANCE POLICIES
FROM VARIOUS CARRIERS FOR POLICY YEAR 2014-
2015, EFFECTIVE JULY 1, 2014.
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 2014-15:
Resolution No. 23567
Page 2
COVERAGE: Premium FY 14-15
PROPERTY
Premium $405,439
Deductibles $250,000 for Earthquake
$100,000 Flood
$10,000 all other Losses
Limits 1�$5M EQ/Flood not
included
Terrorism coverage included
Air ort Runwa s$80M
DIC
(Earthquake/Flood)
Premiums $172,035(City+Airport)
Limits $5,000,000
(excess of$5.OM)
$281,777(dedicated VVWTP)
$25,000,000
COMPREHENSIVE
EXCESS GENERA
&AUTO LIABILITY
Premium $144,919
Self-Insured Retention $650,000 Employment
Practices,
$650,000,all other:
Limits $10,000,000
EXCESS
WORKERS' COMP
Premium $131,781
SIR-Polioe&Fire $1,000,000
SIR-allother employees $1,000,000
Limits $50,000,000 peroccurrence
AIRPORT LIABILITY
Premium $28,089
Deductible $1,000
Limits $50,000,000
Terrorism coverage included
VILLAGE FEST
Premium $12,546
Deductibles $1,000
Limits $1,000,000/$2,000,000
AGG/$2,000,000 PROD/$100,000
FIRE
MULTI MEDIA
Premium $7,895
Deductibles $5,000
Limits $1,000,000
AIRCRAFT HULL
Premium $3,138
Deductible $75K hull, $100 In
Limits Motion/$500 Static
$5,000,000
Terrorism coverage included
CRIME/FIDELITY
Premium $2,992
Deductibles $10,000/$1,000
Limits $1,000,000/$100,000/$300,000
Total Premiums $1,203,522
Resolution No. 23567
Page 3
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, 2014.
SECTION 3. The City Manager is hereby authorized to execute any documents to
effectuate such actions.
Adopted this 4th day of June, 2014.
David H. Ready, City I aflager
ATTEST:
James 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. 23567 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 4, 2014 by the following
vote:
AYES: Councilmember Foat, Councilmember Mills, Councilmember Lewin, Mayor
Pro Tern Hutcheson and Mayor Pougnet.
NOES: None.
ABSENT: None.
ABSTAIN: None.
mes Thompson, City Clerk
City of Palm Springs, California
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