HomeMy WebLinkAboutC-1730(B) - Excess carrier. NO. XL 14 6 7 0 7 IXCESS LIABILITY POLICY STOCK COMPANY
Renewal of A
New
MIDLAND INSURANCE COMPANY
one State Street Plaza. New York, New York 10OD4
DECLARATIONS
Item 1. Name Insured and Address: (No., street, Town, county, state)
City of Newport Beach, Et Al
3300 Newport Boulevard
Newport Beach, California 92660
Item 2. Policy Period:
From June 25, 1975 to June 25, 1976
12:01 A. M., standard time at the address of the named insured as stated herein.
Item 3. Underlying Insurance:
A) Star Insurance Co, Comprehensive General Liability
$300,000. Combined Single Limit
Malpractice as Respects Paramedics Only
BI - $100,000. each Occurrence
BI - $300,000. Aggregate
PD - $100,000. Each Occurrence /Aggregate
Municipal Errors & Omissions
$25,000, each person
$50,000, aggregate
B) Firemans Fund Ins. Co, Comprehensive Automobile Liability
$300,000, Combined Single Limit
C) Columbia Casualty Co, Excess Liability
Difference Between Items A) and B) above and
�X $1,000,000. Combined Single Limit
Item Q. Limit(s) of
Coverage Hereunder: $4,000,000. Combined Single Limit
Excess of Item 3. (C) Underlying Insurance
Item S. Premium: $23,500,00 Flat Charge
Nam B. Cancellation: Thirty (30) Days Q'� �,Date: September 8, 1975 9y Authorized Representative
Form No. UND -202 Los Angeles, California
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MIVLAND INSURANCE COMIWY
(A stock insurance company, herein called the company)
In consideration of the payment of the premium, in reliance upon the statements in the declarations made a part hereof and subject to all terms of this policy, agrees
with the insured named in Item 1 of the declarations as follows:
TERMS AND CONDITIONS
INSURING AGREEMENT
1. The Company hereby indemnifies the Insured against ultimate net loss in excess of and arising out of the hazards covered and
as defined and in excess of the underlying insurance as shown in Item 3 of the Declarations (hereinafter referred to as "underlying
insurance") but only up to an amount not exceeding the limit(s) shown in Item 4 of the Declarations.
2. Except as may be inconsistent with this Policy, the coverage provided by this Policy shall follow the insuring agreements,
conditions and exclusions of the underlying insurance (whether primary or excess) immediately preceding the layer of coverage
provided by this Policy, including any change by endorsements. The Company shall be notified of any change in coverage or premium
in such underlying insurance and copies thereof shall be furnished to the Company upon request.
3. The limits of the underlying insurance shall be maintained in full effect during the currency of this Policy except for
reduction of such limits by exhaustion of aggregate limits (if any) contained therein solely by payment of claims resulting from
accidents or occurrences happening during the period thereof. Failure of the Insured to comply with the foregoing shall not invalidate
this Policy but in the event of such failure the company shall be liable only to the extent that it would have been liable had the
Insured complied therewith.
4. Unless aggregate limits are specifically stated in Items 3 and 4 of the Declarations, the coverage provided by this Policy
applies only with respect to each accident or occurrence for limits in excess of the amount provided for same in the underlying
insurance and does not apply over any reduced amount of underlying insurance in the event of the exhaustion or reduction of
aggregate limits (if any) in the underlying insurance.
5. If aggregate limits are specifically stated in Item 3 and 4 of the Declarations, this Policy will apply in excess of reduced
underlying insurance provided such reduction in the underlying insurance is solely the result of accidents or occurrences happening
after the inception date of this Policy. The Insured shall give the Company written notice as soon as possible of any reduction or
exhaustion of such aggregate limit in the underlying insurance.
6. If more than one insured is named in the Declarations such additional Insured(s) shall not have the effect of increasing the
Company's limit of liability for each accident or occurrence stated in Item 4 of the Declarations.
PREMIUM
7. Premium due the Company for this excess insurance shall be that amount shown in Item 5 of the Declarations and is payable
upon delivery of this Policy.
NOTICE OF LOSS
8. The Insured shall immediately advise the Company of any accident or occurrence which appears likely to result in liability
under this Policy and of subsequent developments likely to affect the Company's liability hereunder. At no time shall the Company be
called upon to assume charge of the settlement or defense of any claims made or suits brought or proceedings instituted against the
Insured, but the Company shall have the right aid shall be given the opportunity to associate with the Insured or its underlying insurer
or insurers, or both, in the control, defense and /or trial of any claims, suits or proceedings which, in the opinion of the Company,
involves or appears reasonably likely to involve the Company. If the company avails itself of such right and opportunity, the Insured,
any underlying insurer or insurers and the Company shall cooperate in the control, defense and /or trial of such claims, suits or
proceedings, so as to affect a final determination thereof. Failure on the part of the Insured or the underlying insurer or insurers to
cooperate shall relieve the Company, at its option, of liability under this Policy.
9. The Insured shall be solely responsible for the investigation, settlement, defense and final disposition of any claim made or
suit brought or proceeding instituted against the Insured to which this Policy would apply and which no underlying insurer or insurers
is obligated to defend. The Insured shall use due diligence and prudence to settle all such claims and suits which in the exercise of
sound judgment should be settled, provided, however, that the Insured shall not make or agree to any settlement for any sum, in
excess of the underlying insurance, without the approval of the Company.
10. The Insured shall (a) cooperate with the underlying insurer or insurers, as required by the terms of the underlying insurance,
(b) comply with all the terms and conditions thereof and (c) enforce any right of contribution or indemnity against any person or
organization who may be liable to the Insured, because of liability with respect to which insurance is afforded under this Policy and
the underlying insurance.
LOSS PAYABLE
11. The Company's obligation to pay any ultimate net loss and costs with respect to any accident or occurrence fatting within the
terms of this Policy shall not attach until the amount of the applicable underlying limit has been paid by or on behalf of the Insured
on account of such accident or occurrence. The Insured shall make claim for any ultimate net loss and costs under this Policy within a
period of not exceeding twelve (12) months after, (a) the Insured shall have paid ultimate net loss in excess of the underlying limit,
with respect to any accident or occurrence, or (b) the Insured's obligation to pay such amounts shall have been finally determined,
either by judgment against the Insured after actual trial or by written agreement of the Insured, the claimant and the company.
12. All losses covered by this Policy shall be due and payable by the Company within thirty (30) days after claim has been
presented and proper proof of payment of ultimate net loss and costs has been submitted, all in accordance with the terms above.
ULTIMATE NET LOSS AND COSTS
13. Ultimate net loss, as used herein, shall be understood to mean the sums paid in settlement of losses for which the Insured is
liable after making deductions for all recoveries, salvages and other insurances (other than recoveries under the underlying insurance,
policies of co- insurance, or policies specifically in excess hereof), whether recoverable or not, and shall exclude all "Costs ".
14. The word "costs ", as used herein, shall be understood to mean interest on judgments, investigation, adjustment and legal
expenses including taxed court costs and premiums on bonds, for which the Insured is not covered by the underlying insurance
(excluding, however, (a) all expenses for salaried employees and counsel on general retainer, (b) all office expenses of the Insured, and
(c) regular fees paid to counsel on general retainer.
15. Casts incurred by the Insured, with the written consent of the Company, shall be apportioned as follows:
(a) in the event of claim or suit arising which appears likely to exceed the underlying insurance limit or limits, no Costs shall
be incurred by the Insured without the written consent of the Company.
(b) should such claim or suit be settled previous to going into court for not more than the underlying insurance limit or
limits, then no Costs shall be payable by the Company.
(c) should, however, the sum for which the said claim or suit may be settled exceed the underlying insurance limit or limits,
then the Company, if it approves such settlement or consents to the proceedings continuing, shall contribute to the Costs
incurred by the Insured in the ratio that its proportion of the ultimate net loss as finally adjusted bears to the whole
amount of such ultimate net loss.
(d) in the event the Insured elects not to appeal a judgment in excess of the underlying insurance limit or limits, the
Company may elect to conduct such appeal at its own cost and expense and shall be liable for the taxable court costs and
interest incidental thereto, but in no event shall the total liability of the Company exceed its limit or limits of liability as
stated above, plus the costs of such appeal.
(e) in the event a judgment is rendered in excess of the underlying insurance limit or limits and the underlying insurer or
insurers elect to appeal such judgment, the duty of obtaining an appeal bond in regard to liability in excess of the
underlying insurance limit or limits shall rest with the Insured and its underlying insurer or insurers.
SUBROGATION AND SALVAGE
16. All salvages, recoveries or payments recovered or received subsequent to a settlement under this Policy shall be applied as if
recovered or received prior to such settlement and all necessary adjustments shall then be made between the Insured and the
Company, provided always that nothing in this clause shall be construed to mean that losses under this Policy are not recoverable until
the Insured's ultimate net loss has been finally ascertained.
17. Inasmuch as this Policy is Excess Insurance, the Insured's right of recovery against any person cannot be exclusively
subrogated to the company. It is, therefore, understood and agreed that in case of any payment hereunder, the Company will act in
concert with all other parties (including the Insured) concerned, in the exercise of such rights of recovery. The apportioning of any
amounts which may be so recovered shall follow the principle that any parties (including the Insured) that shall have paid an amount
over and above any payment hereunder, shall first be reimbursed up to the amount paid by them, the company is then to be
reimbursed out of any balance then remaining up to the amount paid hereunder; lastly the parties (including the Insured) of whom
this coverage is in excess are entitled to claim the residue, if any. Expenses necessary to the recovery of any such amounts shall be
apportioned between the parties (including the Insured) concerned, in the ratio of their respective recoveries as finally settled.
18. Nothing herein contained shall be construed to mean that the Insured shall be required to enforce by legal action any right of
subrogation or indemnity before the Company shalt pay any loss covered hereunder.
TERM
19. This Policy applies only to accidents or occurrences happening between the effective and expiration dates shown in Item 2 of
the Declarations, unless otherwise cancelled.
NUCLEAR INCIDENT EXCLUSION
20. It is agreed that this Policy does not apply:
I. Under any Liability Coverage, to injury, sickness, disease, death or destruction
(a) with respect to which an insured under this Policy is also an insured under a nuclear energy liability policy issued by
Nuclear Energy Liability Insurance Association, Mutual Atomic Energy Liability Underwriters or Nuclear Insurance
Association of Canada, or would be an insured under any such policy but for its termination upon exhaustion of its
limit of liability; or
(b) resulting from the hazardous properties of nuclear material and with respect to which (1) any person or organization
is required to maintain financial protection pursuant to the Atomic Energy Act of 1954, or any taw amendatory
thereof, or (2) the insured is, or had this policy not been issued would be, entitled to indemnity from the United
States of America, or any agency thereof, under any agreement entered into by the United States of America, or any
agency thereof, with any person or organization.
11. Under any Medical Payments Coverage, or under any Supplementary Payments Provisions relating to immediate medical
or surgical relief, to expenses incurred with respect to bodily injury, sickness, disease or death resulting from hazardous
properties of nuclear material and arising out of the operation of a nuclear facility by any person or organization.
111. Under any Liability Coverage, to injury, sickness, disease, death or destruction resulting from the hazardous properties of
nuclear material, if
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ENDORSEMENT
Effective Date June 25, 1975
It is agreed that this policy excludes any claims for Bodily
Injury or Property Damage arising out of the discharge, dispersal
release or escape of smoke, vapors, soot, fumes, acids, alkalis,
toxic chemicals, liquids or gases, waste materials or other
irritants, contamination or pollutants into or upon land, the
atmosphere or any watercourse or body of water; but this exclusion
does not apply if such discharge, dispersal, release or escape
is sudden and accidental.
Attached to and made a part of Policy No. XL- 146707 of MIDLAND INSURANCE COMPANY
issued to City of Newport Beach, Et Al
Countersigned: At:_ s_ Ange ,— Californian... -...— Date September 8, 1975
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C. I. Duffy, 5efre ry / James P. Craig, Preiident
gy �� - Y �KaJlry Endorsement No. 1
4oth.orized Representotive
urro. No. as -D ORIGINAL -�
J
RESOLUTION NO. R 12 4
C; +'.{ w: ;,�. •M3.: R =mac} -'
A RESOLUTION OF THE CITY'COUNCIL OF THE CITY 30
OF NEWPORT BEACH AWARDING A CONTRACT FOR
AUTOMOBILE AND COMPREHENSIVE PUBLIC LIABILITY
INSURANCE'COVERAGE.
WHEREAS, the Insurance Committee has held a number
of meetings with the City's Insurance Broker for the purpose
of reviewing the City's insurance specifications and the bids
received for the City's coverage for 1975; and
WHEREAS, the Insurance Committee has recommended that
the City's general liability policy for next year should be
awarded to The Star Insurance Company as the primary carrier
(exclusive.of primary automobile liability) and the Fireman's
Fund Insurance Company for primary automobile liability and
the Midland Insurance Company as the excess carrier;
NOW, THEREFORE, BE IT RESOLVED that the City Council
of the City of Newport Beach accepts the recommendation of. the
Insurance Committee and hereby awards the City insurance, contract
for the period commencing on 12:01 A.M., June 25, 1975, and
ending on 12:01 A.M., June 25, 1976, to The Star Insurance Company
as the primary general liability carrier (exclusive of primary
automobile liability) and the Fireman's Fund Insurance Company
for primary automobile liability and the Midland Insurance Company
as the excess umbrella liability carrier.
BE IT FURTHER RESOLVED that the Mayor and City Clerk
are hereby authorized and directed to execute a contract in
accordance with this award and on behalf of the City of Newport
Beach.
ADOPTED this 23rd day of June, 1975.
Mayor
ATTEST:
City Clerk