HomeMy WebLinkAbout22098 - RESOLUTIONS - 11/14/2007 RESOLUTION NO. 22098
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
PALM SPRINGS, CALIFORNIA, APPROVING EXCESS
EARTHQUAKE/FLOOD COVERAGE IN THE AMOUNT OF
$22.5 MILLION AT A COST NOT-TO-EXCEED $541,407
FOR POLICY YEAR 2007-08.
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
i
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
Davis & Graeber Insurance Services, Incorporated for policy year 2007-08:
Earthquake/Flood (Difference in
Condition) Premium 11/20/07 through 11/20/08
Excess of$2,500,000 Primary Net of Commission
First Layer Excess Coverage: $22.5
Million $541,407
Insurance Company: Lloyds of London
Best's Rating: N/A
Resolution No. 22098
Page 2
ADOPTED THIS 14th day of November, 2007.
_ David H. Ready, Hager
ATTEST:
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. 22098 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 14th day of
November, 2007, by the following vote:
AYES: Councilmember Foat, Councilmember McCulloch, Councilmember Mills,
Mayor Pro Tem Pougnet, and Mayor Oden.
NOES: None.
ABSENT: None.
ABSTAIN: None.
J� es Thompson, City Clerk
Ity of Palm Springs, California