HomeMy WebLinkAbout22923 RESOLUTION NO. 22923
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, VILLAGEFEST LIABILITY, MULTI MEDIA
LIABILITY, AIRCRAFT HULL LIABILITY, AND
CRIME/FIDELITY LIABILITY INSURANCE POLICIES
FROM VARIOUS CARRIERS FOR POLICY YEAR 2011-
2012, EFFECTIVE JULY 1, 2011.
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 2011-12:
rage1
COVERAGE: Premium FY 11-12
PROPERTY
Premium $410,000
Deductibles $250,000 for Earthquake
$100,000 Flood
$10,000 all other Losses
Limits $5M EQ/Flood
Terrorism coverage included
Airport Runways$80M
DIC $144,550(City+Airport)
(Earthquake/Flood) $5,000,000
Premiums (excess of$5.OM)
Limits $286,881 (dedicated WWTP)
$25,000,000
COMPREHENSIVE
EXCESS GENERAL
&AUTO LIABILITY
Premium $129,600
Self-Insured Retention $500,000 Employment
Practices,
$400,000,all other:
Limits $10,000,000
EXCESS
WORKERS'COMP
Premium $69,750
SIR-Police&Fire $1,000,000
SIR-allother employees $1,000,000
Limits $50,000,000 per occurrence
AIRPORT LIABILITY
Premium $31,844
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 $3,733
Deductible $75K hull,
Limits $100 In
Motion/$500
Static
$5,000,000
Terrorism
coverage
included
Resolution No. 22923
Page 3
CRIME/FIDELITY
Premium $2,699
Deductibles $10,000/$1,
Limits 000
$1,000,000/
$100,000/$3
00,000
Total Premiums $1,099,169
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 18th DAY OF MAY, 2011.
David H. Readf WyMarager
AlIEST:
ow _ y� � . 10• D/
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. 22923 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 18t day of May, 2011 by
the following vote:
AYES: Councilmember Foat, Councilmember Hutcheson, Councilmember Mills,
Mayor Pro Tern Weigel, and Mayor Pougnet.
NOES: None.
ABSENT: None.
ABSTAIN: None.
mes Thompson, City Clerk
City of Palm Springs, California