HomeMy WebLinkAbout1990-12-11 - AGENDA REPORTS - INS RENEWAL (2)AGENDA REPORT
City Manager Approval
Item to be presented by:
NEW BUSINESS Terri Maus
DATE: December 11, 1990
SUBJECT: Insurance Renewal for Policy Term
December 15, - December 15, 1991
DEPARTMENT: City Manage
Background:
At their first meeting of December 15, 1987, the City Council approved by
resolution and accepted insurance coverage provided by Antelope Valley Insurance
Agency (AVIA) Corporation. However, as the City of Santa Clarita continues to
grow and expand its level of service, its insurance needs change. In the
1989-90 fiscal year the City took over a variety of new services including park
maintenance and various public works functions. Furthermore, the City has
purchased a corporation yard and has continued to acquire the necessary
equipment to perform needed services. The attached summary -represents the
levels of coverage for the 1990 policy term. As noted in the summary, the City
now pays a premium of $231,489 for general liability coverage, up to a total of .
$10,000,000 per occurrence. In addition, $4,463 is paid for auto liability,
$17,015 for property insurance and $2,680 for special events. It is anticipated
that the levels of coverage presently maintained will continue however due to
the various insurance markets, the policy premiums may change.
The City's general liability, property and automobile liability policies expire
on December 15, 1990. Staff is now evaluating the various insurance markets in
order to obtain the most advantageous levels of coverage for Santa Clarita. At
this time with the aid of a risk management consulting firm, staff is compiling
competitive proposals from various insurance brokers. Final premiums as well, as
types and levels of coverage, will be provided to the City Council at their
meeting. In addition, a final recommendation will be made as to the most
advantageous level of coverage to pursue for the 1991 policy term.
Recommendation:
Authorize the City Manager to procure the most advantageous level of coverage,
for the City of Santa Clarita for the policy term December 15, 1990 through
December 15, 1991.
Attachments: /����
Present Levels of Coverage A �LI!�UI� ��qc O
I►rg!S ►Ei{d u u u u u
TM/tn-1799
Agenda Item:
SUMMARY OF INSURANCE COVERAG •
for
CITY OF SANTA CLARITA
I. Policy Number KZ 1813718 - Planet Insurance Company
A. Effective December 15, 1989 to December 15, 1990
B. Premium: $131,948.00
C. Coverage: Primary Liability
D. Limit: $900,000. - $100,000. Self Insured Retention
II. Policy Number
KR 1735681
- Planet Insurance Ccmpany
A.
Effective:
December
15, 1989 to December 15, 1990
B.
Premium:
$57,424.00
$17,015.00
C.
Coverage:
Following
Form Excess Liability and Automobile Liability
D.
Limit: $4,000,000.
excess of $1,000,000.
0 Policy Number FL 0001466 - First State Insurance Company
A. Effective: December 15, 1989 to December 15, 1990
B. Premium: $42,117.00
C. Coverage: Following Form Excess Municipal Liability and Automobile Liability
Excluding Municipal Errors and Omissions
D. Limit: $5,000,000.. excess of $5,000,000.
IV. Policy Number KB 1242789 - Planet Insurance Company
A. Effective December 15, 1989 to December 15, 1990
B. Premium: $4,463.00
C. Coverage: Automobile Liability Including owned, Non -owned and Hired
Automobiles, Uninsured/Underinsured Motorist and Automobile
Physical Damage (Specified Vehicle Basis)
D. Limit: $900,000. -.$100,000. Self Insured Retention
V.
Policy Number
66012779314TIL89 - Travelers Insurance Company
A.
Effective:
December 15, 1989 To December 15, 1990
B.
Premium:
$17,015.00
C.
Coverage:
Real Property per schedule attached.
Personal Property Blanket Limit $934,812.
Valuable Papers and Records $50,000.
Mini Computer Coverage $227,510.
D.
Deductible:
$250. All Coverages
Santa Clarita
of Insurance Coverages
P :co
•
•
VI. Policy NuTber GLS 291941 - Scottsdale Insurance CaTpany
A. Effective: October 16, 1989 to October 16, 1990
B. Premium: $2,680.60
C. Coverage: Owner's, Landlord's and Tenants Liability only
"Special Events" Policy
D. Limit: $1,000,000.
E. Deductible: $500. BI/PD/Claim
0
0
INSURANCE PROPOSAL
1991
PRESENT
INSURANCE PROGRAM
1990
GENERAL LIABILITY
Premium: $231,489
Company: Planet Ins. & First State Ins
Limit: $10,000,000 100,000 SIR/
Deductible)
AUTOMOBILE LIABILITY
Premium: $4,463
Company: Planet Insurance
Limit: $100,000 SIR
Physical Damage Deductible $1,000
REAL PROPERTY
Premium: $17,015
Company: Travelers Insurance
Valuable papers
Computer
Loss of rents
Deductible: $250.00 all coverages
Total Premium
$252,967
TM/tn-1871
RECOMMENDED
INSURANCE PROGRAM
1991
i
t
$232,175
Insurance Company of the West
$10,000,000 $250.,000 SIR/
Deductible
$7,446
Travelers. Insurance
No SIR
$1,000
$22,353
Travelers Insurance
,
,
$250.00
$261,974