HomeMy WebLinkAbout1990-04-10; City Council; Resolution 90-96.t
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RESOLUTION NO. 90-96
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD, CALIFORNIA REVISING STANDARDS FOR REVIEWING INSURANCE AND SURETY BONDS
WHEREAS, the City requires contractors, bui:
subdividers, and other persons doing business with the Ci
obtain various types of insurance or bonds: and
WHEREAS, it is necessary to ensure that the insuranl
surety companies selected by those persons meet certain fin;
and performance standards
NOW, THEREFORE, BE IT RESOLVED by the City Council
City of Carlsbad, California, as follows:
1. That the above recitations are true and correc
2. That, except as expressly provided by law c
specifications to the contrary, insurance or surety com]
securing or insuring any obligation or risk of which the C:
a beneficiary or an additional insured shall meet the fol:
minimum standards:
a. Authorization to conduct the busine
insurance, of a type required by the transaction, in the St;
California as evidenced by listing by the State Ins1
Commissioner. For liability insurance, the City may acc
surplus line carrier provided the City is provided with a cl
a surplus line carrier affidavit.
b. A rating in the latest available I'Best's
Guide" of tmA'1 or better and a financial size of $10 m
(currently Class V) or better.
c. If a company is not listed by the
Insurance Commissioner, is not rated by Best's or does not p
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sufficient years of experience to be rated, or if the smal:
of the insurance or surety obligation or other risk factors jl
a lesser standard, the City Attorney or the City Manage
approve such company only if it produces satisfactory evidenc
its financial responsibility and performance capability with
State of California is sufficient to insure or secure adeq
the subject risk or obligation.
PASSED, APPROVED AND ADOPTED at a Regular Meeting (
City Council of the City of Carlsbad on the 10th day of A
1990, by the following vote, to wit:
AYES: Council Members Lewis, Kulchin, Pettine, Mamaux and
NOES: None
ABSENT : None
ATTEST:
AI!!;: dUTENh$ L? Clerk
(SEAL)