HomeMy WebLinkAbout1986-06-24; City Council; 7657-4; premium payment for excess liability insuranceQUJ
Occ0.a.
zo
O
O
Z=>oo
CIT^OF CARLSBAD — AGENDQBILL 3
AB# 76,vT7-^Y
MTG *-^
DEPT RM
TITLE:
PREMIUM PAYMENT FOR
EXCESS LIABILITY INSURANCE
DEPT. HD._/$
CITY ATTY3
CITY MGR._e
If
&L-
RECOMMENDED ACTION:
Approve Resolution No.
insurance for a premium o
.ITEM EXPLANATION
authorizing payment for excess liability
For the year ended January 1, 1986, International Insurance Company provided
liability insurance coverage for the City in the amount of $19 million excess of
$1 million at annual premium of $38,330.
As reported to Council at their meeting of March 18, 1986, the City was
successful in obtaining an extension of this coverage following the policy
expiration on January 1, 1986, since International Insurance Company had failed
to provide Notice of Non-renewal as required under section 674 of the California
-Insurance Code. The policy, was ultimately cancelled effective May 13, 1986, and
the pro-rated premium for the extension of coverage fron January 1, 1986 to May
;13, 1986 is $13,966.
FISCAL IMPACT
Funds are available in the Liability Self- Insurance Fund for payment of this
premium.
EXHIBIT
Resolution No.
•v?> A -
1
2
3
4
5
6
7
.8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
RESOLUTION NO. 8618
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF CARLSBAD, CALFORNIA, AUTHORIZING PAYMENT
OF PREMIUM FOR EXCESS LIABILITY INSURANCE^
WHEREAS, International Insurance Company provided excess liability insurance
for the City for the period January 1, 1986 to May 13, 1986;
WHEREAS, City has been billed for payment of premium for this insurance;
and
WHEREAS, pranium has been charged at the rate agreed upon by the City.
NOW, THEREFORE, BE IT RESOLVED by the City Council of Carlsbad, California,
as follow:
1. The above recitation are true and correct.
2. Payment of said premium is hereby approved and the Finance Director is
authorized to issue a warrant for the premium in the amount of $13,966.
PASSED, APPROVED AND ADOPTED at a regular meeting of the City Council of the
City of Carlsbad on the ^ 24th^ day of June _ , 1986, by the following
vote, to wit:
AYES: Council Members Casler, Lewis, Kulchin, Chick .and Pettine
NOES: None
ABSENT: None
~f £/ . V-^-^CQ-t
MARY H. CASLER, Mayor
ATTEST:
ALETW L. RAUTENKRANZ, City Clerk
(SEAL)