HomeMy WebLinkAbout1999-12-14 - AGENDA REPORTS - INS RENEWAL EARTHQUAKE FLOOD (2)CONSENT CALENDAR
DATE:
SUBJECT:
DEPARTMENT:
CITY OF SANTA CLARITA
AGENDA REPORT
City Manager Approval:
Item to be presented
December 14, 1999
Ken Striplin
EARTHQUAKE AND FLOOD INSURANCE RENEWAL
City Manager
Council approve the expenditure of an amount not -to -exceed $85,500 from Account No.
1600-8501 to renew the City's Earthquake and Flood insurance policies, and authorize the City
Manager or designee to execute all documents related thereto, subject to City Attorney
approval.
In order to protect the City's assets, commercial insurance coverage is procured. Each year the
City evaluates its insurance policies to determine appropriate coverage. To ensure we are
receiving the highest amount of coverage for the lowest possible price, the City goes through
an extensive bidding process. In December of each year, the City renews its Earthquake and
Flood insurance policies for the proceeding 12 months. Proposals were solicited from the
following companies, which represents the majority of insurance companies offering
Earthquake and Flood insurance coverage in the State of California.
Insurance Company
Associated International Insurance Company
General Star Insurance Company
RLI Insurance Company
Royal Insurance Company
Pacific Insurance Company, Ltd.
Westchester Fire Insurance Company
Pacific Insurance was selected due to its broad contract and competitive price. Addendum A
provides more detail of the coverage as provided by the recommended policies.
!f r�ends Item: -7—
Earthquake and Flood Insurance Renewal
December 14, 1999
Page 2
FISCAL IMPACT
The total premium is $85,424.97, which represents a decrease of $4,358, or approximately five
per cent over the cost for 1999. Funds for this expenditure have been budgeted in Account No.
1600-8501.
ALTERNATIVE ACTION
Other action as identified by the City Council.
ATTACHMENT
Earthquake Binder B991100050, Addendum A
S:\MS\CCAGENDA\12-14-99\PLDRENEW.DOC
City of Santa Clarita
Earthquake Binder B991100050
Addendum A
Coverages: Difference in Conditions, Earthquake and Flood, Earth-
quake Sprinkler Leakage (EQSL).
Policy Limit: $5,000,000 per occurrence and in the annual aggregate
as respects Flood and Earthquake, Real Property,
Ordinance or Law, Personal Property, EDP Hardware,
and Business Income
$2,500,000 Sublimit for Demolition, Increased Cost of
Construction
Property Real Property, Ordinance or Law,'Personal Property,
Covered: EDP Hardware, Business Income, Demolition, Increased
Cost of Construction
Deductibles: Earthquake & EQSL - 5% per unit of insurance subject to a
minimum of $50,000 per occurrence.
Flood - $50,000 per occurrence
All other Perils: $25,000 per occurrence
Total Insurable $29,468,394.
Value:
11/18/99
dmw