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Home My WebLink About1992-11-03; City Council; 11947; Renewal of Property and Boiler and Machinery InsuranceOF CA~LSUAU - iwtN MACHINERY INSURANCE 1 of Resolution No.72. -326 authorizing the expenditure of $51,907 for the renewal of , and boiler and machinery insurance coverages in accordance with staff he current policies expired on October 1, 1992. New coverage was bound pending Council action on the proposed renewals. he Property Insurance Policy provides a variety of coverages for the City’s assets. The oiler and Machinery Insurance Policy provides coverage for major electrical equipment, boilers, mechanical equipment and other similar types of equipment utilized by the City. An itemized list of these coverages is set forth in Exhibit 2. The recommended quotation for property insurance coverage is $43,432. This is $19,011 lower than that of the prior year and reflects the overall softening of the property insurance The recommended quotation for the Boiler and Machinery coverage is $8,475. This is an increase of $1,968 from that of the prior year. The recommended renewal quotations are for the provision of property insurance by Home Insurance, which has a rating of A-:XI in the 1992 Best’s Key Rating Guide, and boiler and machinery coverage by Hartford Steam Boiler, which has a rating of A++:XI in the 1992 Best’s Key Rating Guide. FISCAL IMPACT $ t 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 - e RESOLUTION NO. 9 2 - 3 2 6 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD, CALIFORNIA, AUTHORIZING THE RENEWAL OF THE CITY’S PROPERTY AND BOILER AND MACHINERY INSURANCE COVERAGES WHEREAS, the City has previously maintained both property and boiler md machinery insurance coverages for its assets; and WHEREAS, the City’s insurance broker has received quotations for the ;ontinuation of that coverage; and WHEREAS, upon evaluation of the quotations for both property and boiler and machinery insurance, the City desires to renew its insurance for property, and boiler and machinery with Home Insurance and Hartford Steam Boiler respectively. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Carlsbad, California, as follows: 1. 2. That the above recitations are true and correct. That the renewal of the City’s property insurance with Home Insurance and Hartford Steam Boiler is hereby approved and the Financial Management Director is authorized to issue a warrant in the amount of $51,907 for the payment of the ?remiurns of said renewals. I I ‘ I t J 1 I 1 2 3 4 5 6 7 8 9 10 11 12 I.3 3.4 15 16 17 18 19 20 21 22 23 24 25 26 27 28 -L e PASSED, APPROVED AND ADOPTED at a Regular Meeting of the City Council oE the City of Carlsbad on the 3rd vote, to wit: day of NOVEMBER 1992, by the following AYES: Council Members Lewis, Kulchin, Larson, Stanton, Nygaarr NOES: None ABSENT None .4msT: ALETHA Lwk L. RAUTENKRANZ, da---3 City C erk I EXHIBIT 2 1 rl) 0 CAL-SURANCE ASSOCIATES, INC. OVER 25 YEARS OF SERVICE fa I 1 1 I I PROPERTP& AUTO PapsIcAL DAMAGE INsUB?AAFC’ PROPOU FOR I CITYOF CARLSW pRE8ENT&D To: 1cbs.ExlNIJmscH I EusglldANAGER I RENEWALPERIOD OCTOBER 1,1992193 I 1 I I I 1 I I -By: BONNIE M. IUNDALL+ CS.C.U., AU. VICEPRESIDENT SEPTEMBER24,1992 BRjmb.361 .I 9 I23 192 A Member of The Cal-Surance Companies 4 Mailing Address: P 0. Box 7048. Orange, CA 92613-7048 0 333 City Boulevard West, Orange, CA 92668 714-939-0800 FAX 71d 0 -0 rn0F GBW 8- OFPROPE2?XYJ2HJYS rnMR x, %m!M/93 53,808,885 10,000 1,00,000 faEAL & FERnONAL. PROPERTY - TsLA.NICET LIMIT COST OF INVENTORY, APPRAISAL AND ADJUSTMENT EXTRA EXPENSE - BMmrP LMdIT IN TRANSJT SCHEDULED EQUIPMENT - ACTUAL CASH VALUE ELECTRONIC DATA PROCESSWG DATA & MEDIA ELECTRONXC DATA PROCESSING EXTRA EXPENSE ELELT'KONLC UA'L'A YKOCESSINQ; HQWlPMEN'Y iN TRANSIT ~Q,OOO PERSONAL PRom:Hw xr UNNAMED LOCATIONS OR 500,000 VALUABLE FAPERS & RECORDS - BLANKET 517,400 100,000 58,000 10,OVO I P,OOO,OOO ELECTRONIC DATA PROCESSING EQUIPMENT !$ 1,500,000 VEHICLES VALUED LWDER $20,000 - ACTUh CASH VALWE BI.ANICET REAL 8t PERSONAL PROPERTY -AGREED AMOUNT, REPLACEMENT CUW, $6,000 DEDWCTIBLE VALUABLE PAPERS, DATA PROCESSING, VEHICLES & WXEU WLEU EQUTPMENT $1,000 DEDUCTIBLE VHmbm.379. I I8.23*92 Z0B EiB :PT ZG/cz,'a 'I: Ili (II, -0 4- I II I BUlZDINGS~ P&RSONAL PROPERTY COVERED LOCATIONS: PER SCHEDULE Ilt LIMIT OF INSUWNCE: $33,908,886 BLANKET LIMIT COVERED LOSSES: "ALL RISK: OF DIRECT PHYSICAL LC OR DAMAGE SUBJECT TO STANDAl EXCLUSIONS, THE MOST SIGNIFICP EXCLUSIONS BEING EARTHQUAK I LANDSLIDE ND FLOOD I DEDUCTIBLE: $6,000 I CLAUSE) CO-INSURANCE CLAUSE: 90% (SUSPENDED BY AGREED VAL' LOSS SETTLEMENT BASIS: REPLACEMENT COST VEHICLES VALUED AT UNDER $20,000 AT SCHEDULED LOCATIONS: $1,50000 I F 1E I I e I 0 B Ir $1,000 DEDUCTIBLE ACTUAL CASH VALUE PROPERTY AT UNSPECIFIED $5,000 DEDUCTIBLE LOCATIONS $5O,OOo PROPERTY IN TRANSIT $lO,OOo BR;imb.361.4 9/23/92 -L m VfiwmuPMBm LIMIT OF iNYUWC'E: $6OO,OUO swm MOB= .RQihmwRI$TT TJWIT OF IN,SB!W@E: $517.410 (SEE SCHEDULED) DEDUCTIBLE: $1,080 %EAI3E:U, L#U&D OH RENTED EQUIPmm $100,000 VH:mbm.379.2 10.23.82 EBB OT :Pt %/ZZ:/c31: - -0 B c 1 U I RXlZZAIzxpRN;_E COVERED LOCATIONS: BLANKET LIMIT LIMIT OF INSURANCE: $1,000,000 m COVERED LOSSES: "ALL RISK OF DIRECT PHYSICAL LO OR DAMAGE SUBJECT TO STANDAR EXCLUSIONS, THE MOST SIGNIFICA EXCLUSIONS BEING EARTHQUAKI I LANDSLIDE AND FLOOD i DEDUCTIBLE: $6,000 LOSS SETTLEMENT BASIS: COVERS ACTUAL LOSS OF EARNINC SUSTAINED DUE TO A FIRE OR OTH INSURED LOSS 40% FIRST 30 DAYS 80% FIRST 60 DAYS 100% OVER 90 DAYS w 3 I 1 I I II I a I I 6 BR;imb.382.6 9/23/92 - e DATA PB I-WWrnE $ I,mo,OeBo DEDUCTIBLE: $6,880 YOBWWARFiI $ dB8108Q DEDUCTIBLE: $6,000 EXTRA EXPENSE - PER LOCATION t 50,000 PPEUUCTIBLE. $5,000 TRAhtSIP’ T3 10,000 DEDUCTIBLE: $5,000 lrZE:mbm.979.3 fO23-192 ?BE aT :PT ZG/EZ:/’BT U- - m I' I I I 19 3 19 I 1 v I I i 1 I I I BOLUZBANDM4CKRVRRY COMPREHENSIVE FORM PROPERTY DAMAGE LIMIT: $ 20,000,000 EXPEDITING EXPENSE 35,000 WATER DAMAGE 36,000 Ip AMMONIA CONTAMINATION 35,000 HAZARDOUS SUBSTANCE 35,000 DEMOLITIONmJCREASED COST OF CONSTRUCTION 36,000 INCLUDING PRODUCTION MACHINES AND COMPUTER CONTROLS OR OBJECTS INSURED RECOVERY BASIS - REPAIR OR REPLACEMENT BUSINESS INTERRUPTION AND EXTRA EXPENSE ($450,000 ANNUAL VALUE) -EXCLUDING ORDINARY PAYROLL -24 HOURS DEDUCTIBLE -INCLUDES PUBLIC UTILITY OBJECTS WITHIN ONE MILE OF CITY PREMISES BRjmb.361.8 9/23/92 w c AUTVIPBYWCfiD~GE COMPIkEHENSIVX: COVERAGE FOR OWNED VEHICLES VALUES AT COST NEW $20,,000 OR MORE COMPREHENSIVE: =RED ALTTO BWSTCIATA DAhUQE: $ZO,C@a MAXIh!!UI\I4 DEDWLTLBEH;: $1.003 wmw OF SWBKQGATION: ocxrnsim mu VTSTA VALUATHOW: ACWAk, CMH VALUE INCLUDES C!Q\%MGE FOR SDG&E VRWTCI,Es: 1081 BVICK LE 8AFW.E m183 V€€:mbm.979,.4 iO*23-92 SE)E T'I :bT Z6KZ'ET $5 A 1. g .. 51 gi 8 -4 * + "vi$^ 81 dw- dh dh k !! 23; 1 bd .- I4