HomeMy WebLinkAbout1986-09-23; City Council; 8339-1; renewal of property insuranceLU
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CARLSBAD — AGEND^BILL
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DEPT.
23/86
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TITLE:
RENEWAL OF PROPERTY INSURANCE
DEPT. HP
CITY
CITY
RECOMMENDED ACTION:
Adopt Resolution No. _
City's property insurance.
ITEM EXPLANATION
, .authorizing the City Manager to renew the
The City purchases "all risk" insurance, excluding Earthquake and Flood, on all
City buildings and equipment at a limit of $12,565,200. In addition, the policy
includes Data Processing coverage in the amount of $158,700 on equipment,
$150,000 on media and $150,000 on extra expenses. The premium for the property
insurance last year was $21,845. On October 1, the current policy will cone up
for renewal. Firemans Fund has indicated they will renew the current program
subject to an upward adjustment in the premium. No firm quotation has been
received, but indications are there may be a 75% increase in the premium costs.,
The addition of the Safety Center will bring the cost to approximately $38,000.
In view of the delay in obtaining final figures from the carrier involved, it is
to the advantage of the City to continue to negotiate the renewal right up to
the renewal date, October 1. Accordingly, it is recommended that the City
Manager be given authority to renew at the best premium and terms available at
that date.
FISCAL IMPACT
Unencumbered funds in the amount of $54,966.00 are available in the Risk
Management budget account number 001-820-19-10-2971 to cover the cost for the
propeEy insurance premiums.
EXHIBITS
1. Resolution No.
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RESOLUTION NO. 8809
. A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF CARLSBAD, CALIFORNIA, AUTHORIZING
RENEWAL OF THE CITY'S PROPERTY INSURANCE.
WHEREAS, the City's insurance broker is obtaining quotations for property
insurance; and
WHEREAS, because quotations may
the renewal date; and
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not be available until immediately prior to
WHEREAS, the City desires to renew its property insurance.
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NOW, THEREFORE, BE IT RESOLVED
California, as follows:
1 . That the above recitations
by the City Council of the City of Carlsbad,
are true and correct; and
2. That the City Manager is hereby authorized to enter into an agreement
for renewal of the City's property
available prior to the renewal date
PASSED, APPROVED AND ADOPTED at
Council held on the 23rd day of
vote, to wit:
AYES: Council Members Casler,
NOES: None .
ABSENT: None
ATTEST:
, ••'•/) '/?•'•
w-^L£z^_ /T^ 0<'~~-Ot^^^Lt^J^_^~^,
• ALETHA L. RAUTENKRANZ, City Clerk
(SEAL)
• • i 'insurance in accordance with the best terms
• -
a regular meeting of • the Carlsbad City
September , 1986, by the following
Lewis, Kulchin, Chick and Pettine
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MARY H. 'CASLER, Mayor
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