HomeMy WebLinkAbout85-26 - Comprehensive Public Liability InsuranceRESOLUTION ND. 85 -26
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF NEWPORT BEACH AWARDING CONPREHENSIVE PUBLIC
LIABILITY INSURANCE CONTRACTS TO PLANET
INSURANCE CO. AS PRIMARY CARRIER, AND FIRST
STATE INSURANCE CO., ASSOCIATED INTERNATIONAL
• INSURANCE CO., AND SCOTTSDALE INSURANCE CO. AS
EXCESS CARRIERS (185 -186)
WHEREAS, the City of Newport Beach has sought to renew
the City's comprehensive public liability insurance; and
WHEREAS, the proposed liability insurance renewal
package includes $20 million excess coverage over City's $500,000
self- insured retention. Coverage is for one -year commencing
April I, 1985 to and including April I, 1986; and
WHEREAS, after reviewing proposals for comprehensive
public liability insurance coverage, the City Council finds and
determines that it is in the best interests of the City to award
insurance contracts as follows:
Planet Insurance Co., - primary excess carrier. $6
million excess coverage over $500,000 self- insured
retention;
First State Insurance Co. - first excess carrier. $5
million excess coverage of underlying $6 million;
Associated International Insurance Co. - second excess
carrier. $5 million excess coverage of underlying $11
million;
Scottsdale Insurance Co. - third excess carrier. $4
million excess coverage of underlying $16 million.
WHEREAS, the program costs provided by Planet
Insurance, First State, Associated International and Scottsdale
Insurance companies compare favorably with other insurance
available to the City, and entering into the proposed contracts
is fair and equitable.
•
MOW, THEREFORE, BE IT RESOLVED that the City Council of
the City of Newport Beach hereby awards contracts for
comprehensive public liability insurance to the companies listed,
for the term stated and in the amounts provided; and
BE IT FURTHER RESOLVED that all funds set aside for
payment of liability losses shall be established and encumbered
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 - insured retention are actually paid or
settled.
BE IT FURTI -ER RESOLVED that the City Manager is hereby
authorized to execute renewal of liability insurance policies
whose premiums remain within amounts budgeted for that purpose.
ATTEST:
City Clerk
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