HomeMy WebLinkAbout9755 - Comprehensive Public Liability Insurance CoverageRESOLUTION NO. 9755
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
' OF NEWPORT BEACH AWARDING A CONTRACT FOR
COMPREHENSIVE PUBLIC LIABILITY INSURANCE
COVERAGE TO TRANSCONTINENTAL INSURANCE
COMPANY (1980 -1981 COVERAGE)
WHEREAS, the City of Newport Beach has sought
proposals to renew the City's comprehensive public liability
insurance; and
WHEREAS, the City has received 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
$100,000.00 self- insured retention; to award a policy of
insurance for coverage of $10,000,000.00 over the self -
insured retention to the TRANSCONTINENTAL INSURANCE COMPANY;
and
WHEREAS, the cost of the program of TRANSCONTINENTAL
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 TRANSCONTINENTAL INSURANCE COMPANY for a one -year period
payment of liability losses shall be established and encumbered
commencing April
1, 1980, and continuing
through
April 1,
1981.
BE IT
FURTHER RESOLVED that all
funds
set aside
for
payment of liability losses shall be established and encumbered
Ll
•
in a special liability insurance :reserve fund and shall not
be used for any other municipal purpose until all incurred
liability losses within the self - .insurance retention are
actually paid or settled.
BE IT FURTHER RESOLVED that the City Manager is
hereby authorized to execute any agreement that is necessary
to carry out the purpose of this :Resolution.
ADOPTED this 24th day of
ATTEST:
City Clerk
- prF.RTWIEDASTHE RIGINAL
' - ------ ...- - ---- - -- ............. -.. .......
61TY CLERK Or Th:E CITY OF NEK r 6"T e H
DAM MAR 9 u 1980
March , 1980.
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3/19/80