HomeMy WebLinkAbout94-30 - Insurance ContractsRESOLUTION NO. 94 -30
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF NEWPORT BEACH AWARDING
CONTRACTS TO HOME INSURANCE COMPANY,
FIREMAN'S FUND INSURANCE COMPANY, AND
SOUTHERN MARINE AVIATION INSURANCE
COMPANY ('94 -'95).
• WHEREAS, the City of Newport Beach has sought to renew the City's property insurance,
helicopter insurance and marine insurance; and
WHEREAS, the proposed insurance renewal package includes, property coverage of
$19,000,000 - replacement value, aviation coverage limits of $25,000,000 and watercraft coverage
limits of $10,000,000. Coverage is for one -year commencing April 1, 1994 to and including April 1,
1995; and
WHEREAS, after reviewing proposals for insurance coverage, the City Council finds and
determines that it is in the best interests of the City to award insurance contracts as follows:
Home Insurance Co., - real and personal property, broad form fire and extended
coverage.
Fireman's Fund Insurance Co., - watercraft, hull & liability coverage.
Southern Marine Aviation Insurance Co., - helicopter hull, airport, and liability
coverage.
WHEREAS, the program costs provided by Home, Fireman's Fund and Southern Marine
Aviation insurance companies compare favorably with other insurance available to the City, and
entering into the proposed contracts is fair and equitable.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Newport Beach
hereby awards contracts for 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 losses shall be
established and encumbered in a special insurance reserve fund and shall not be used for any
other Municipal purpose until all incurred losses are actually paid or settled.
BE IT FURTHER RESOLVED that the City Manager is hereby authorized to execute future
renewals of the listed insurance policies whose premiums remain with amounts budgeted for that
purpose.
ADOPTED this 9th day of May , 1994.
ATTEST:
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