HomeMy WebLinkAbout1981-11-24; City Council; 6818; Renewal of floater insuranceCl F CARLSBAD — AGEND I
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Floater Insurance
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authorizing the purchase of property
RECOMMENDED ACTION:
Adopt Resolution No.
and equipment floater insurance.
ITEM EXPLANATION: '
Last year the City purchased property and equipment floater insurance
subject to a $100 deductible per occurrence. The property insurance ;
provides fire and theft insurance on buildings and their contents. The
equipment floater insures non-licensed vehicles and construction equipment,
The limits on ^thes,ea^ policies were $5,184,734 ($4,516,898 property and
$667,836 equipment floater). Annual premiums cost $17,733.
^
An appraisal, based on replacement costs, was made of City's structures
and buildings and quotations were requested from four companies. Three
insurance companies .responded with quotations for $8,919,525 coverage of
real and personal property and $455,500 replacement value coverage on the
equipment floater insurance.
The quotations included various deductibles for both the property and
equipment floater insurance. Based on the cost savings and the City's
loss experience, the City's Risk Management consultant. City broker and
staff recommend $5,000 deductible' on the property insurance and $1,000
deductible on the equipment floater. .
A summary of the Quotations on the Real and Personal Property and Equipment
Floater insurance with the deductibles is as follows:
Company
INA .
Protective National
First State
Fireman's Fund
Total'Premium
No Response
$12,885.00
11,555.30
9,549.00
cca.
zo
o
o
oo
Neither Protective National nor First State gave a. quotation for $5,000
deductible on the property coverage. Therefore, the lowest premium for
the recommended coverage was submitted by Fireman's Fund Insurance Company
in the amount of $9,549.00. .
FISCAL IMPACT:
The cost of the premiums for property and equipment floater insurance is
$9,549. Funds are available in Insurance. Fund 3 to cover this expense.
EXHIBITS:
1, Resolution No.
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RESOLUTION NO. 6729
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF CARLSBAD, CALIFORNIA, AUTHORIZING RENEWAL
OF THE CITY'S PROPERTY AND EQUIPMENT FLOATER
INSURANCE. .'.--'
WHEREAS, the City's insurance broker has received quotes for property .
and equipment floater insurance; and
•-•'.. WHEREAS, upon evaluation of the quotes for-property and equipment
floater insurance, the City desires to renew its insurance.
• ' NOW., THEREFORE, BE IT RESOLVED by the City Council of Carlsbad, .
California, as follows: , • ; •
1. That the above.recitations are true and correct.
,2. That the City Manager is hereby authorized to enter into;an ,
.agreement for renewal of the City's property and equipment floater insurance
with Fireman's Fund Insurance Company. ' .
PASSED, APPROVED.AND ADOPTED at-'a regular meeting of the City Council
•on the 24th day of November • , 1981, by the following vote,
to wit: . ' - . . - . . . . •
AYES: Council Members Packard, Anear, .Lewis and Kulchin '. <
NOES:. None ' . ,
ABSENT: 'Council lyferriber Casler-
RONALD C. PACKARD, Mayor
ATTEST:
J.^1 A, °\ - //I SM; A0~ MA 7?^.
L7 RAUTENKRffNZ, Ci ty CIerk J
. •' •;' .' ' O*
/(-.SEAL)