HomeMy WebLinkAbout1987-10-20; City Council; 8339-2; Renewal of property insuranceOF CARLSBAD - AGEN[~ BILL
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TITLE: RENEWAL OF PROPERTY INSURANCE DEPT. H
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RECOMMENDED ACTION:
Approval of Resolution No. 9-?£*J authorizing the renewal of the Property
Insurance Coverage in accordance with staff recommendations at a premium
deposit of $39,384.
ITEM EXPLANATION:
The current Property Insurance Policy expired on October 1, 1987. It has been
extended pending Council action on the proposed renewal. The Property Policy
provides a comprehensive variety of coverages for the City's assets. The
coverage has been provided by the Fireman's Fund Insurance Companies. That
organization carries a rating of A:XIII in the 1987 Best's Key Rating Guide.
The renewal quote has remained in line with the coverage provided because of
the stability in the market place for this type of coverage. The premium has
actually been reduced by $111.00 as compared to FY 1986/87.
FISCAL IMPACT:
The recommended renewal proposal contains a premium reduction of $111.00 from
the FY 1986/87 cost. Some adjustment increases will take place during the year
when the premium calculations for newly added facilities, such as Stagecoach
Park, are completed. However, those increases should be very minimal in size.
Funds are available in the Insurance Premium Account for payment of the
deposit premium. Any additional premium adjustments will be made only when
new facilities are added to the policy.
EXHIBITS:
1. Resolution No.
2. Letter from Cal Surance Associates dated 9/28/87
1 RESOLUTION NO. 9263
2 A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF CARLSBAD, CALIFORNIA, AUTHORIZING RENEWAL
3 OF THE CITY'S PROPERTY INSURANCE COVERAGE
4 WHEREAS, The City has previously maintained Property Insurance
5 Coverage for its assets; and
6 WHEREAS, The City's Insurance Broker has received quotes for the
7 continuation of that coverage; and
8 WHEREAS, Upon evaluation of the quote for Property Insurance,
9 the City desires to renew its insurance.
10 NOW, THEREFORE, BE IT RESOLVED by the City of Council of
11 Carlsbad, California, as follows:
12 i. That the above recitations are true and correct.
13 2. That the renewal of the City's Property Insurance with Fireman's
14 Fund Insurance Companies is hereby approved and the Finance Director
15 is authorized to issue a warrant for the premium of said renewal in the
16 amount of $39,384.
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PASSED, APPROVED AND ADOPTED at a regular meeting of the
City Council on the 20th day of October , 1987, by the following
vote, to wit:
AYES: Council Members Lewis, Kulchin, Pettine, Mamaux and Larson
NOES: None
ABSENT: None
CLAUD!LEWIS, Mayor
ATTEST:
ALETHA L. RAUTENKRANZ, City Clferk
CAL-SURANCE ASSOCIATES, INC.
September 28, 1987
Robert German
Risk Manager
City of Carlsbad
1200 Elm Avenue
Carlsbad, California 92008
RE: Property Insurance
Firemans Fund Insurance Company
Policy #MXX6317720
Renewal Effective: October 1, 1987
Dear Bob:
The captioned Property policy for the City of Carlsbad written
through Firemans Fund Insurance Company is due to renew on October
1, 1987. As a result of your assistance in updating values, we were
able to obtain the following quotation from the Firemans Fund for
renewal: $39,384.
Last year's premium, for comparison purposes, was $39,495.
This quotation is for the following coverages and limits:
COVERAGE LIMIT
Real & Personal Property - Blanket $26,000,074
Rental Income (City Hall) 72,000
Rental Income (2075 Las Palmas) 354,000
Cost of Inventory, Appraisal & Adjustment 10,000
Valuable Papers 2,130,157
Contractors Equipment Floater 725,639
Electronic Data Processing - Equipment 181,200
- Data & Media 150,000
- Extra Expense 150,000
Automatic Transit Coverage 10,000
All losses are subject to a $5,000 deductible, except Valuable
Papers, Electronic Data Processing and Contractors Equipment Floater
losses, which are subject to a $1,000 deductible.
A Member of the Cal-Surance Group
Mailing Address P.O. Box 3459, Torrance, CA 9O51O 279O Skypark Drive, Torrance, CA 9O5O5 (213) 53O-5555 LA. (213) 772-3151
Robert German
September 28, 1987
Page two
The quote also provides coverage on all vehicles under $10,000 on
premises only, excluding collision coverage, subject to a $1,000
deductible.
Prior to expiration, please advise of your renewal instructions.
Sincerely, v
Marie Wright
Account Administrator
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