HomeMy WebLinkAbout22384 - RESOLUTIONS - 11/5/2008 RESOLUTION NO. 22384
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
PALM SPRINGS, CALIFORNIA, APPROVING THE
PURCHASE OF $22.5 MILLION IN EXCESS
EARTHQUAKE/FLOOD (DIFFERENCE IN CONDITION)
INSURANCE FROM LLOYDS OF LONDON IN AN
AMOUNT NOT-TO-EXCEED $330,79921 FOR POLICY
YEAR 2008-09.
WHEREAS, the City of Palm Springs 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, each year 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's insurance broker has solicited proposals from various
insurance companies for excess insurance coverage and is recommending that
the City purchase a $22.5 Million policy from Lloyds of London; and
WHEREAS, the City Council desires to purchase excess insurance coverage to
properly protect public property from earthquake and flood damage.
NOW THEREFORE BE IT RESOLVED by the City Council of the City of Palm
Springs, California approves the purchase of excess insurance coverage from
Keenan & Associates for policy year 2008-09:
Earthquake/Flood (Difference in
Condition) Premium 11/20/08 through 07/01/09
Excess of$2,500,000 Primary Net of Commission
First Layer Excess Coverage: $22.5
Million $330,799.21
Insurance Company: Lloyds of London
Best's Rating: N/A
Resolution No. 22384
Page 2
ADOPTED THIS 5th day of November, 2008.
David H. Read, �y-Matrager�
-ATTEST:
J 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. 22384 is a full, true and correct copy, and was duly adopted at an
adjourned meeting of the City Council of the City of Palm Springs on the 5"h day of
November, 2008, by the following vote:
AYES: Councilmember Hutcheson, Councilmember Weigel, Mayor Pro Tern Foat,
and Mayor Pougnet.
NOES: None.
ABSENT: Councilmember Mills.
ABSTAIN: None.
mes Thompson, City Clerk
City of Palm Springs, California f�x�p ZOa&