Loading...
HomeMy WebLinkAbout9147 - Comprehensive Public Liability Insurance CoverageRESOLUTION NO. 9147 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, MIDLAND INSURANCE COMPANY, AND PURITAN INSURANCE COMPANY, APPROPRIATING $100,000.00 TO THE NON- DEPARTMENTAL GENERAL INSURANCE ACCOUNT AND RESCINDING RESOLUTION NO. 8854 WHEREAS, the City of Newport Beach has sought proposals for the provision of comprehensive public liability insurance, including general liability, automobile liability, paramedic coverage, broadened city coverage among the coverages provided; 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 award the City's comprehensive public liability insurance policy to the Admiral Insurance Company, which insurance coverage contains a $100,000.00 self insured retention with a maximum annual stop loss self insured retention of $400,000.00, for the annual policy period, to Midland Insurance Company for excess coverage between $400,000.00 and $1.1 million, and to Puritan Insurance Company for excess coverage between $1.1 million and $5.1 million; and WHEREAS, the cost of the combined programs for Admiral Insurance Company, Midland Insurance Company, and Puritan 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; and • WHEREAS, the Admiral Insurance Company has required the City to set aside $100,000.00 in a separate account, ear marked for the payment of claims; 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 Admiral Insurance Company, Midland Insurance Company and Puritan Insurance Company, for a one year period commencing June 25, 1977 and continuing through June 24, 1978. BE IT FURTHER RESOLVED that $100,000.00 is hereby appropriated to the general insurance account to be used solely for the payment of claims, payment of adjusting and legal fees in connection with claims and related costs in conjunction with claims against the City of Newport Beach. BE IT FURTHER RESOLVED that Resolution No. 8854 is hereby rescinded. ADOPTED this 11th day of July , 1977 ATTEST: City Clerk y/�j CETFIfIED THE O.^.IGINAI ,ZC!J...._. __ ..... ... ................. ................. __ CITY CLERK OF THE CITY OF N V4 :ST OMCN saTE, - -2- HRC:yz 7/12/77