HomeMy WebLinkAbout23174 RESOLUTION NO. 23174
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 2012-13, EFFECTIVE
JULY 1, 2012.
WHEREAS, the City is self-insured for major risk programs, such as property,
general liability, auto liability and workers compensation; and
WHEREAS, the City annually purchases various lines of insurance coverage
to minimize the adverse effects of accidental losses and claims against the City;
and
WHEREAS, 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; and
WHEREAS, the topography of the City makes it prone to flooding, especially
during times of heavy rainfall; and
WHEREAS, the City purchases a primary earthquake and flood insurance
policy; and
WHEREAS, the City supplements its primary insurance policy with excess
coverage to properly protect its public facilities from catastrophic loss from
earthquake or flood; and
WHEREAS, 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.
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 2012-13:
Resolution No. 23174
Page 2
COVERAGE: Premium FY 2012-13
PROPERTY
Premium $380,000
Deductibles $250,000 for Earthquake$100,000 Flood
$10,000 allotherLosses
$5M EQ/Flood not included
Limits Terrorism coverage included
Airport Runways$80M
DIC
(Earthquake/Flood)
Premiums $154,772(City+Airport)
Limits $5,000,000
(excess of$S.OM)
$281,563(dedicated WWTP)
$25,000,000
COMPREHENSIVE
EXCESS GENERA
&AUTO LIABILITY
Premium $135,800
Self-Insured Retention $500,000 Employment Practices,
$400,000,all other:
$10,000,000
Limits
EXCESS
WORKERS' COMP
Premium $86,431
SIR-Police&Fire $1,000,000
SIR-all other $1,000,000
employees $50,000,000 per occurrence
Limits
AIRPORT LIABILITY
Premium $26,432
Deductible $1,000
Limits $50,000,000
Terrorism coverage included
VILLAGE FEST
Premium $12,213
Deductibles $1,000
Limits $1,000,000/$2,000,000 AGG/$2,000,000
PROD/$100,000 FIRE
MULTI MEDIA
Premium $7,899
Deductibles $5,000
Limits $1,000,000
AIRCRAFT HULL
Premium $3,138
Deductible $75K hull,$100 In Motion/$500 Static
Limits $5,000,000
Terrorism coverage included
CRIME/FIDELITY
Premium $2,599
Deductibles $10,000/$1,000
Limits $1,000,000/$100,000/$300,000
Total Premiums $1,090,847
Resolution No. 23174
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 20th DAY OF JUNE, 2012.
David H. Ready, C nager
ATTEST:
�. rr—
mes 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. 23174 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 20, 2012 by the
following vote:
AYES: Councilmember Hutcheson, Councilmember Lewin, Councilmember Mills,
Mayor Pro Tem Foat, Mayor Pougnet.
NOES: None.
ABSENT: None.
ABSTAIN: None.
mes Thompson, City Clerk
City of Palm Springs, CaliforniaQly/25,20 �Z