HomeMy WebLinkAbout9391 - Public Liability Insurancey _
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RESOLUTION NO. 9391
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF NEWPORT BEACH AWARDING A CONTRACT FOR
COMPREHENSIVE PUBLIC LIABILITY INSURANCE
COVERAGE TO ADMIRAL INSURANCE COMPANY, FIRST
STATE INSURANCE COMPANY AND THE S AND H
INSURANCE COMPANY AND AWARDING A POLICY OF
EXCESS INSURANCE TO THE PINE TOP INSURANCE
COMPANY
WHEREAS, the City of Newport Beach has sought proposals
for the provision of comprehensive public liability insurance;
and
WHEREAS, the City has received two proposals for the
provision of said comprehensive public liability insurance
coverage; and
WHEREAS, the City Council finds and determines that
it is in the best interest of the City to accept a $500,000.00
self- insured retention; to award a policy of insurance for
coverage of $500,000.00 over the self- insured retention to a
combination of the Admiral Insurance Company, the First State
Insurance Company, and the S and H Insurance Company; and
to award a policy of excess insurance for coverage of $4,000,000.00
over the $1,000,000.00 lower insurance to the Pine Top Insurance
Company; and
WHEREAS, the cost of the combined programs of Admiral
Insurance Company, First State Insurance Company, S and H
Insurance Company and the Pine Top Insurance Company is in
line with other insurance available to the City on the
insurance market, and the entering into the proposed contract
is fair and equitable;
NOW, THEREFORE, BE IT RESOLVED that the City Council
of the City of Newport Beach hereby accepts the proposal to
provide comprehensive public liability insurance coverage from
the Admiral Insurance Company, First State Insurance Company,
S and H Insurance Company and Pine Top Insurance Company for a
are settled.
BE IT FURTHER RESOLVED that the Mayor and City
Clerk are hereby authorized to execute any agreement that
is necessary to carry out the purpose of this Resolution.
ADOPTED this 26th day of June , 1978.
IA
ATTEST:
City C erk
CE °TIfI�� �.J7I'��
CITY CLERK - I NE CITY CT NB OAT BEACH
• JUN 2 8 1978
DATE---- ._.._._._._.............. _�...
-2-
DDO /cr
6/22/78
one year period
commencing June 25, 1978, and continuing
through June 25,
1979.
•
BE IT
FURTHER
RESOLVED that all funds set aside
for payment of liability
losses shall be set aside and
encumbered in a
special
fund and shall not be used for any
other municipal
purpose
until all incurred liability losses
are settled.
BE IT FURTHER RESOLVED that the Mayor and City
Clerk are hereby authorized to execute any agreement that
is necessary to carry out the purpose of this Resolution.
ADOPTED this 26th day of June , 1978.
IA
ATTEST:
City C erk
CE °TIfI�� �.J7I'��
CITY CLERK - I NE CITY CT NB OAT BEACH
• JUN 2 8 1978
DATE---- ._.._._._._.............. _�...
-2-
DDO /cr
6/22/78