HomeMy WebLinkAbout23351 RESOLUTION NO. 23351
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, AND CRIME/FIDELITY LIABILITY INSURANCE POLICIES
FROM VARIOUS CARRIERS FOR POLICY YEAR 2013-2014,
EFFECTIVE JULY 1, 2013. A5656.
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 DOES HEREBY RESOLVE AS FOLLOWS:
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 2013-14:
Resolution No. 23351
Page 2
COVERAGE: Premium FY 13-14
PROPERTY
Premium $367,262
Deductibles $250,000 for Earthquake$100,000 Flood
$10,000 all other Losses
1° $5M EQ/Flood not included
Limits Terrorism coverage included
Airport Runways$80M
DIC (Earthquake/Flood)
Premiums $154,697(City+Airport)
Limits $5,000,000
(excess of$S.OM)
$281,777(dedicated WWTP)
$25,000,000
COMPREHENSIVE EXCESS
GENERAL&AUTO
LIABILITY
Premium $138,411
Self-Insured Retention $650,000 Employment Practices,
$650,000,all other:
Limits $10,000,000
EXCESS WORKERS'
COMP Premium $106,172
SIR-Police&Fire $1,000,000
SIR-all other employees $1,000,000
Limits $50,000,000 peroccurrence
AIRPORT LIABILITY
Premium $26,432
Deductible $1,000
Limits $50,000,000
Terrorism coverage included
VILLAGEFEST
Premium $12,211
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 1n Motion/$500 Static
Limits $5,000,000
CRIME!FIDELITY s Terrorism coverage included
Premium $2,802
Deductibles $10,000/$1,000
Limits $1,000,000/$100,000/$300,000
Total Premiums $1,100,797
Resolution No. 23351
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.
SECTION 3. The City Manager is hereby authorized to execute any
documents to effectuate such actions.
ADOPTED THIS 5th DAY OF JUNE, 2013.
ATTEST: David H. Ready anager
es 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. 23351 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 5, 2013 by the following
vote:
AYES: Councilmember Foat, Councilmember Hutcheson, Councilmember Lewin,
and Mayor Pougnet.
NOES: None.
ABSENT: Mayor Pro Tern Mills.
ABSTAIN: None.
mes Thompson, City Clerk �/09 1� j
City of Palm Springs California /