HomeMy WebLinkAboutAgenda Statement 1980/06/10 Item 17
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COUNCIL AGENDA STATEMENT
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Item
17
ITEM TITLE:
5'
Resolution 1013_ Awarding Public Liability Insurance Coverage
Meeting Date 6/10/80
SUBMITTED B~rector
of Finance
(4/5ths Vote: Yes___ No~)
We have received our annual renewal bids for the City's Public Liability
insurance. It is my
RECOMMENDATION:
That Council maintain our present $500,000 self-insured retention and accept
Option IV at a total cost of $34,608.
BOARDS AND COMMISSIONS RECOMMENDATION: Not Applicable
DISCUSSION
The preliminary budget submitted to the City Council on May 10, 1980
indicated estimated Public Liability premium costs of $91,000. Therefore,
as a result of the renewal quotations there are budget savings under all
options available. This is due mainly to a substantial softening in the
market and a willingness for more companies to write municipal business.
In reviewing the seven (7) options available to the City, we can maintain
our present self-insured retention and still provide a substantial budget
savings of $56,392. The Public Liability Trust Fund reserve balance on
May 30, 1980 is $475,591.
FINANCIAL IMPACT
Adequate funds have been budgeted in the proposed 1980-81 budget.
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ChulCl Vista, California
I Dated ~ -It) -fO
Form A-113 (Rev. 11/79)
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EXHIBITS
Agreement_ Resolution_ Ordinance_ Plat_ Notification List
Other X
ENVIRONMENTAL DOCUMENT: Attached
Submitted on
X General Liability Insurance Proposal
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GENERAL LIABILITY INSURANCE PROPOSAL
FOR THE CITY OF CHULA VISTA
By Creaser & Price Insurance Agency
Self-
Insured Policy Budget
Option Compa ny Retention Limit . Cost Savings
I Admiral Insurance
Company $250,000 $1,000,000
Midland-Puritan 9,000,000 $66,521.53 $24,478.47
II Admiral Insurance
Company $500,OUO 1 ,OOU ,000
Mi dl and-Puritan 9,000,000 39,608.00 51,392.00
III Admi ra 1 Insurance
. Company $250,000 1,000,000
New England Re Y,OOO,OOO 61,521.53 29,478.47
IV Admiral Insurance
Company $500,000 1,000,000
New En91 and Re 9,000,000 34,608.00 56,392.00
V Canadian Indemnity $250,000 1,000,000
New England Re 9,000,000 63,000,00 28,000.00
VI Canadian Indemnity $500,000 1,000,000
New England Re 9,000,000 45,500,00 45,500.00
VII Canadian Indemnity $100,000 1,000,000
New England Re. - g,OOO,OOO 75,000.00 16,000.00
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