HomeMy WebLinkAbout22721 RESOLUTION NO. 22721
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, VILLAGE FEST LIABILITY, MULTI MEDIA
LIABILITY, AIRCRAFT HULL LIABILITY, AND
CRIME/FIDELITY LIABILITY INSURANCE POLICIES
FROM VARIOUS CARRIERS FOR POLICY YEAR 2010-
2011, EFFECTIVE JULY 1, 2010.
WHEREAS, the City is self insured for major risk programs, such as
property, general liability, auto liability and workers' compensation; and
WHEREAS, 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.
NOW THEREFORE THE CITY COUNCIL RESOLVES 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 2010-11:
Resolution No. 22721
Page 2
COVERAGE: Premium FY 10-11
PROPERTY
Premium $386,261
Deductibles $250,000 for Earthquake
$100,000 Flood
$10,000 all other Losses
Limits $5M EQ/Flood
Terrorism coverage included
Air ort Runwa s$80M
DIC $144,550(City+Airport)
(Earthquake/Flood) $5.000,000
Premiums (excess of$5.010)
Limits $273,612(WWTP)
$25,000,000
EXCESS LIABILITY
GL&AUTO
Premium $144,720
Self-Insured Retention $500,000 Employment
Practices,
$400,000,all other,
Limits $10 000 000
EXCESS
WORKERS' COMP
Premium $71,173
SIR-Police&Fire $1,000,000
SIR-all other $1,000,000
employees $60.000.000 per occurrence
Limits
AIRPORT LIABILITY
Premium $35,381
Deductible $1.000
Limits $50,000,000
Terrorism coverage included
VILLAGE FEST
Premium $12,212
Deductibles $1,000
Limits $1,000,000/$2,000,000
AGCd$2,000,000
PROD!$100 000 FIRE
MULTI MEDIA
Premium $8,776
Deductibles $5,000
Limits $1,000,000
AIRCRAFT HULL
Premium $4,145
Deductible $75K hull, $100 In
Limits Motion/$500 Static
$5,000,000
Terrorism coverage included
CRIME/FIDELITY
Premium $3,583
Deductibles $10,000/$1,000
Limits $1,000,000/$100,000/$300,000
Total Premiums $1,083,413
Resolution No, 22721
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 2nd DAY OF JUNE, 2010,
David H. Ready, nager
ATTEST:
—�
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. 22721 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 2Id day of June, 2010 by
the following vote:
AYES: Councilmember Foat, Councilmember Mills, Councilmember Weigel,
Mayor Pro Tern Hutcheson, and Mayor Pougnet.
NOES: None.
ABSENT: None.
ABSTAIN. None.
es Thompson, City Clerk ��� �� 2p; �
ity of Palm Springs, California