HomeMy WebLinkAbout8489 - Automotive & Comprehensive Public Liability InsuranceRESOLUTION NO. 8489
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
NEWPORT BEACH TERMINATING SIGNAL INSURANCE
COMPANY AS THE EXCESS CARRIER ON THE CITY'S AUTO-
MOTIVE AND COMPREHENSIVE PUBLIC LIABILITY
• INSURANCE, AND AWARDING A CONTRACT TO CHICAGO
INSURANCE COMPANY FOR THE EXCESS COVERAGE
WHEREAS, the City Council of the City of Newport Beach
awarded a contract for automotive and comprehensive liability
insurance, excess insurance, to Signal Insurance Company by Resolu-
tion No. 8437 adopted February 10, 1975; and
WHEREAS, Signal Insurance Company has notified the City
of Newport Beach that it intends to cancel said excess liability
insurance effective May 27, 1975; and
WHEREAS, the Insurance Committee has consulted with the
City's insurance broker and finds that Chicago Insurance Company is
the best bidder to replace the Signal Insurance Company's excess
coverage; and
WHEREAS, the Chicago Insurance Company has sufficient
strength and is the best available insurance company at this time
to be the City's excess carrier;
NOW, THEREFORE, BE IT RESOLVED that the City Council of
the City of Newport Beach herewith terminates the contract with
Signal Insurance Company effective May 27, 1975 as the excess umbrella
liability carrier and herewith accepts the recommendation of the
Insurance Committee and awards the City's insurance contract for
excess umbrella liability to Chicago Insurance Company.
BE IT FURTHER RESOLVED that the Mayor and the City Clerk
are hereby authorized and directed to execute a contract in accordance
with this award and on behalf of the City of Newport Beach.
ADOPTED this 12th day of May , 1975.
•
ATTEST:
L}iGI/ZG e
ity Clerk
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_CPTIFIED AS THE,0fJG1NAL
CITY CL&A OF THE CITY OF ' fPORi 8'ldH
MAY 14 1975
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