HomeMy WebLinkAbout1985-07-16; City Council; Resolution 8108t
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RESOLUTION NO. 8108
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CARLSBAD, CALIFORNIA ESTABLISHING STANDARDS FOR
REVIEWING INSURANCE AND SURETY COMPANIES.
WHEREAS, the City requires contractors, builders,
subdividers, and other persons doing business with the City to
have various types of insurance; and
WHEREAS, it is necessary to ensure that the insurance
and surety companies selected by those persons meet certain
financial and performance standards,
Therefore the City Council of the City of Carlsbad
resolves as follows:
Insurance or surety companies securing or insuring any
obligation or risk of which the City is a beneficiary or an
additional insured shall meet the following minimum standards:
a. Authorization to conduct the business of insurance,
of a type required by the transaction, in the State of Californi:
as evidenced by listing by the State Insurance Commissioner.
For libility insurance the City may accept a surplus line
carrier provided the City is provided with a copy of a surplus
line carrier affidavit.
b. A rating by "Best's Rating Guide" of "A", "Class XI"
or better. If a company is not rated by Best's the City Attorneq
and City Manager may approve an insurer or surety if the company
produces sufficient evidence that its financial responsibility
and performance capability is equal or better than the Best's
rating requirement .
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*.. r J
PASSED, APPROVED AND ADOPTED at a regular meeting of
the City Council of the City of Carlsbad, California held on the
16th day Of July , 1985 by the following vote to wit:
AYES: Council mrs Casler, Lewis, Kulchin, Chick and Pettine
NOES: None
ABSENT: €?one
r MARY H. CAgLER, Mayor
ATTEST:
2.