HomeMy WebLinkAbout9532 - Comprehensive Public Liability Insurance CompanyRESOLUTION NO. 9532
• 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 AND
AWARDING A POLICY OF EXCESS INSURANCE TO
THE MIDLAND INSURANCE COMPANY
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 $500,000.00
self- insured retention; to award a policy of insurance for
coverage of $500,000.00 over the self- insured retention to the
Admiral Insurance Company; and to award a policy of excess
insurance for coverage of $4,000,000.00 over the $1,000,000.00
lower insurance to the Midland Insurance Company; and
WHEREAS, the cost of the combined programs of Admiral
Insurance Company and the Midland 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 Admiral Insurance Company and the Midland Insurance Company
for a one -year period commencing April 1, 1979, and continuing
through April 1, 1980.
•
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- 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 26th day of March
ATTEST:
,4 , A
ity Clerk 0
RTIFIEQ AS JTE RIGINAL
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CITY CLERK OF THE CITY OF WZ T BEACH
APR 2 1978
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Mayor Ptfi Tern
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1979.
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3/20/79