HomeMy WebLinkAboutAgenda Statement 1979/06/05 Item 06CITY OF CHULA VISTA
COUNCIL AGENDA STATEMENT Item No. 6
For meeting of 6/5/79
ITEM TITLE
Resolution ~(p ~Gi Awarding Public Liability Insurance Coverage
SUBMITTED BY Director of Finance
ITEM EXPLANATION
(4/5TH'S VOTE REQUIRED YES. N0~)
We have received our annual renewal proposal for the City's Public Liability
Insurance. As indicated in the attached summary, there are three options
available to the City depending upon the amount of self-insured retention
the City is willing to assume. Our present self-insured retention is $500,000
per occurrence.
The preliminary budget submitted to the City Council on May 12, 1979,
indicated estimated Public Liability premium costs of $105,310. Therefore,
as a result of the renewal quotations, there are budget savings under both
options two and three. The preliminary budget also indicated that by the
end of the fiscal year, June 3q, 1980 with our current average experience
prevailing, we would have a balance of $487,000 in our Public Liability Trust
Fund Reserve.
In reviewing the three options available to the City, I would recommend
option two, which retains our present self-insured retention of $500,000
and still provides a budget savings of $12,636. Option three would require
the City to increase our present self-insured retention by $250,000 while
only providing a $3,922 reduction in cost.
reement Resolution
ExHIBITS
Ordinance Plat Notification List
her ENVIRONMENTAL. DOCUMENT: Attached Submitted on
FINANCIAL IMPACT
Adequate funds have been budgeted in the proposed 1979-80 budget.
STAFF ECOMMENDATION
Approval.
BOARD/ OMMISSION RECOMMENDATION
N/A
COUNCIL ACTION
C~ili~u VE'~"'t~ ~..`;iifv1~i`sl<a
Form A-113 (Rev. 5/77)
q~
0 tion
I
II
III
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GENERAL LIABILITY INSURANCE PROPOSAL
FOR THE CITY OF CHULA VISTA
By Creaser & Price Insurance Agency
Sel f-
Insured Policy
Company Retention Limit
Admiral Insurance
Company
Pine Top Ins.
Admiral Insurance
Company
Pine Top Ins.
Admiral Insurance
Company
Pine Top Ins.
Cost
Budget
Savin s
$250,000 $ 750,000 $140,569 $ -
- 9,000,000
500,000 500,000
- 9,000,000 92,674 12,636
.750,000 250,000
- 9,000,000 88,752 16,558