HomeMy WebLinkAbout1988-11-01; City Council; 9701; Renewal of property insuranceOF CARLSBAD — AGENrA BILL
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MTft 11/1/88
PEPT RM
TITLE:RENEWAL OF PROPERTY INSURANCE DEPT.
CITY ATTY
CITY MGR.
ODCO.
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RECOMMENDED ACTION:
Approval of Resolution authorizing the renewal of the Property
Insurance Coverage in accordance with staff recommendations at a premium
deposit of $41,327.
ITEM EXPLANATION:
The current Property Insurance Policy expired on October 1, 1988. 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:XII in the 1988 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 only increased by $323 from the FY 1987/88 level.
FISCAL IMPACT:
The recommended renewal proposal contains a premium increase of $323 from
the FY 1987/88 level. An adjustment increase will take place during the
year when the premium calculations for newly added locations 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 the additional locations are added to the policy.
EXHIBITS:
1. Resolution No.
2. Letter from Cal Surance Associates dated 10/11/88
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RESOLUTION NO. 88-381
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF CARLSBAD, CALIFORNIA, AUTHORIZING RENEWAL
OF THE CITY'S PROPERTY INSURANCE COVERAGE
WHEREAS, The City has previously maintained Property Insurance
Coverage for its assets; and
WHEREAS, The City's Insurance Broker has received quotes for
the continuation of that coverage; and
WHEREAS, Upon evaluation of the quote for Property 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 renewal of the City's Property Insurance with
Fireman's Fund Insurance Companies is hereby approved and the
Finance Director is authorized to issue a warrant for the premium of said
renewal in the amount of $41,327.
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PASSED, APPROVED AND ADOPTED at a regular meeting of the
City Council on the 1st day of November , 1988, by the
following vote, to wit:
AYES: Council Members Lewis, Kulchin, Pettine, Mamaux and Larson
NOES: None
ABSENT: None
CLAUDE A.
ATTEST:
, Mayor
ALETHA L. RAUTENKRANZ, City Qlerk
CAL-SURANCE ASSOCIATES, INC.
OVER 25 YEARS OF SERVICE
October 11, 1988 OCT I 31988
CITY OF CARLSBAD
RISKMANAGEMEfNlTRobert German | lw»i»iWM-i.»™«—..-"• J
Risk Manager
City of Carlsbad
1200 Elm Avenue
Carlsbad, California 92008
RE: Property Insurance
Fireman's Fund Insurance Company
Renewal of Policy #MXX6317741
Renewal Effective October 1, 1988
Dear Bob:
Enclosed please find binder evidencing renewal of the captioned
Property insurance for the City of Carlsbad issued by the Fireman's
Fund Insurance Company effective October 1, 1988.
The renewal policy premium is $41,327. Enclosed is our invoice.
Please note that this premium is due and payable upon receipt.
The renewal policy provides "All Risk" coverage excluding Earthquake
and Flood on an Agreed Amount, Replacement Cost basis for the City's
Real and Personal Property schedule.
The coverage provided by this renewal is as follows:
Limits and Coverages
Real and Personal Property — Blanket
Rental Income (City Hall)
Rental Income (2075 Las Palmas)
Cost of Inventory, Appraisal and Adjustment
Valuable Papers
Contractors Equipment Floater
Electronic Data Processing Equipment
Electronic Data Processing Data and Media
Electronic Data Processing Extra Expense
Automatic Transit Coverage
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.
$27,
$
$
$
$ 2,
$
$
$
$
$
687,574
72,000
354,000
10,000
130,157
725,639
181,200
150,000
150,000
10,000
A Member of the Cal-Surance Group
Mailing Address P.O. Box 3459, Torrance, CA 9O51O 279O Skypark Drive, Torrance, CA 9O5O5 (213) 53O-5655 LA. (213) 772-3151
October 11, 1987
Robert German
Page Two
The insurance company is in the process of issuing the policy. Upon
receipt and review in our office, we will forward it on to you.
In the meantime, please review the enclosure and feel free to con-
tact this office, should you have any questions.
Sincerely,
Teresa A. Sharpe
Account Administrator
Enclosure
TAS:sf
:or<•INSURANCE BINDEF^
THIS BINDER IS A TEMPORARY INSURANCE CONTRACT, SUBJECT
TO THE CONDITIONS SHOWN ON THE REVERSE SIDE OF THIS FORM.
Binder No.
NAME AND ADDRESS OF AGENCY
D
CAL-SURANCE GROUP
P. 0. Box 3459
Torrance, CA 90510
NAME AND MAILING ADDRESS OF 'NSURED
Type and Location of Property
PR
OP
ER
TY
L1
AB1L
1TY
AUT
0M0
B1
LE
...•-.•' i i • • : ' . [/ i ;•
Type of Insurance
1 1 Scheduled Form LJ Comprehensive Form
1 — 1 Premises/Operations
1 — 1 Products/Completed Operations
1 — 1 Contractual
1 1 Other (specify below)
[H Med. Pay. $ Per $ Per
D Person Accident
Personal Injury
LJ Liability LJ Non-owned 1 1 Hired
1 1 Comprehensive-Deductible $
EH Collision-Deductible $
1 1 Medical Payments $
1 i Uninsured Motorist $
1 ! No Fault (specify):
1 1 Other (specify):
COMPANY
Effective m ,19
Expires Q 12:01 am [J Noon ,19
I I This binder is
company pe
issued to extend coverage in the above named
expiring policy #(except as noted below]
Description of Operation/Vehicles/Property
Coverage/Perils/Forms
( i • >' ,
' '• i ' . '
i -;-; ;• • - :
Coverage/ Forms
DA D B DC
Amt of Insurance Ded. crs
Limits of Liability
Bodily Injury
Property Damage
Bodily Injury &
Property Damage
Combined
Each Occurrence
$
$
$
Personal Injury
Aggregate
$
$
$
$
Limits of Liability
Bodily Injury (Each Person) $
Bodily Injury (Each Accident) $
Property Damage $
Bodily Injury & Property Damage
Combined $
D WORKERS' COMPENSATION — Statutory Limits (specify states below) D EMPLOYERS' LIABILITY — Limit $
[SPECIAL CONDITIONS/OTHER COVERAGES
NAME AND ADDRESS OF 1 1 MORTGAGEE 1 1 LOSS PAYEE 1 1 ADD'L INSURED
LOAN NUMBER
: ' . :
ACORD 75 (11-77)
iH"
Signature of Authorized Representative Date