HomeMy WebLinkAbout1972-04-25; City Council; 729; CITY FIRE INSURANCE - GOVERNMENT BUILDINGSCir
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THE CITY OF CAR L S B A D, ’ CALIF’ORATI
Agenda Bill NO. a9
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~~t~~ April 25, 1972
Ref erred To :
Subject: Submitted By:
William C. Balc Purchasing Ager City Fire Insurance (Gov’t. Bldgs.)
Statement of the Matter
The City has a continuous fire policy with I.N.A. The company and
I have recently completed an updating of the va1ue.s as shown on the attached memorandum. The total insurance we wish to place in force is $627,667.00 on the buildings and $66,900.00 on the contents.
on the Library in the amount of $453,488.00 on the building; Furniturc and fixtures $32,000.00; Books $396,000.00 and plate glass coverage. The premium is $1,168.00 annually.
The annual premium is $1,969.00. There is in force a separate policy
Exhibit
. Buildings - Replacement +Value
Contents - Actual Cash Value
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S t a f f Re comm en da ti on s
This policy contains a 90% co-insurance clause. This is a rating device where a substantial discount in premium is possible where the amount of insurance carried is at least 90% of the value. A co-insur clause is mandatory when insurance is provided on a blanket basis’as our present policy provides. There is normally a penalty in the settlement of a loss if the amount of insurance does not equal 90%, or more, of the total value. Since our re-evaluation the company has an agreed valuation clause as respects the buildings. This clause, in effect, removes any penalty for under insurance and stipulates th ’the amount of insurance carried is 90% of the actual value. This endorsement will be added to the policy for no additional premium.
I recommend that this policy be written as outlined.
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AB No. Date: 0 Anril 35. 1972
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City Manaaer's Reconmendation .-
- Concur with recommendation of Purchasing- Agent;
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Council' Action -. - 5-2-72 T.he Council accepted the recommendations of the Purchasing Offi and approved changes in the City's fire insurance policy regarding . ..Government bui 1 dings.
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e CITY 9,P CA?SBAB m
FJITTITKGS - ?EPTLACZIGZMT TALE3
CO?2EI\TS - ACTUAL CASH VALLE
mmcTra - JAIWARY 1972
Am I, I 11: II'L! c i,o t' VFI '1. I1 ct Amt, Xnn pv,, ' 1 I : V t?. 11 10
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--'&?J- '"Q1 p r f v -- 11/71/69 {W$) 12/1/71 12/1/71 BI-dgs , ( Y$) 4
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"X YXV-C?Gy Rall
2rn 8% o?_:',c;. Yo-5, L20 >415 378,374 1,163 488 , 943 440,0.&3
1 JJImyye 56,766 L1-63 73,356 66,020 8,066
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.A J?VIJGS 27,000 &,3aa T.12 3S,&S I4 LA -- _-
63,075
13 <='3/ 2"" LL ~,e 7 Xd-5 7,707 6,935 1,163 8 j 963
-n ;en.*,S 2 :/ /. r,p-payks
'db 13,262 11,936 1.253 15,423 13,880
n %YtS 2 3 CQ'
2cpo-b 22,878 20,590 1,163 26,607 23 9 9M
-- 3?-co eC 'pweka Streets
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" y ?<l? :<a. - - ;"oOYs lr,,280 3,652 '1263 L, 977 L9479 -- e 5,C)oo b,500 1=163 5,W 5 9 233
LO f :roo 993L.l 1,163 7,2,075 13,885
- ,'LveE-J$
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n- - 21,059 -- _. ; 0 3-2i:c-:-Ig 20,120 16,108 2.163 23,39? -,??l+s 23,000 20,700 Le12 25,760 L3 f L8
).. <> r-n - 7,185 63h57 1.263 8,357 79521 - '- 3ntS 7,700 6,939 LL2 7 , 761 -9."
.a,-. 6, b.66 5,819 1,163 7,53-9 6 9 767 - ;71=5s L ,'3c
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7. __ ..c -.:os'ncs
9. -9" . _. - -3 v-
n 0 . 1 n T..-qT2n 'IT I- : __ - ~rts ?2,ciEt,ies
1,426 1,283 1.1-63 1,558 l&92
- ;::? =:xse L,m! 957 7,353 1,2h9 1,L2&
~w.6 11 Lo1 1.163 518 L.66
o , np' ., dd n p..? house 1,220 1,098 1.163 Y- , tas 1,276
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CTi 93 CARLSBA13
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-. *... -- !Jd..UE? &It Ins Factor Value ht Iris 3, Liz:--
'9-p3i--,-n* I i _.\_I. bT n/11/69 dW%) 12/1/71 WUll (rBO%) <,o,;;c.
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.l "Lb-3Z ,?!Lssion -.-.----* I-.
\ 2,433 2,190 1.163 2,629 2,5w 8,510 79653 1,163 9,897 8 , 937 2,000 1,800 1.12 2g&o 2,316
rod 3 9777 39399 1.163 49392 3,952 23s 2moir
TOTAL BUILa Tt32S $Q7& TOTAL CONTENTS 6&wo