HomeMy WebLinkAbout1989-11-07; City Council; Resolution 89-387.r 'e 0 0
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RESOLUTION NO. 89-387
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD, CALIFORNIA REVISING STANDARDS FOR REVIEWING INSURANCE AND SURETY BONDS.
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WHEREAS, the City requires contractors, builc
subdividers, and other persons doing business with the City to
5 I1 various types of insurance: and 6
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WHEREAS, it is necessary to ensure that the insurancc
surety companies selected by those persons meet certain final
and performance standards,
NOW, THEREFORE, BE IT RESOLVED by the City Council o
City of Carlsbad, California, as follows:
1. That the above recitations are true and correcl
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2. Insurance or surety companies securing or ins1
&Em 13 $g"S any obligation or risk of which the City is a beneficiary c
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Z>iZ QFSE additional insured shall meet the following minimum standard:
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gWm0 gEG6 16 2082 insurance, of a type required by the transaction, in the Stai q8y
u '41 >ma a. Authorization to conduct the busines;
>2% 17 60 California as evidence by listing by the State Insu:
18 Commissioner. For liability insurance, the City may acce
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a surplus line carrier affidavit. 2o
surplus line carrier provided the City is provided with a co]
21 I1 b. A rating in the latest available I'BestI s R
22 11 Guide" of llA1l or better and a financial size of $10 mi
23 I/ (currently Class V) or better. If a company is not rat€
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Bestls, or does not possess sufficient years of experience
rated, the City Attorney and City Manager may approve such co
if it produces sufficient evidence that its fina
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responsibility and performance capability is equal to or bel
than the Best's rating requirement.
PASSED, APPROVED AND ADOPTED at a Regular Meeting of
City Council of the City of Carlsbad on the 7th day of Nova
1989, by the following vote, to wit:
AYES: Council Members Lewis, Kulchin, Pettine, Mamaux and Lz
NOES: None
ABSENT : None
ATTEST:
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ALETHA L. RAUTENKRANZ, City Uerk
(SEAL)
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