HomeMy WebLinkAbout10010 - Comprehensive Public Liability Insurance•
RESOLUTION NO._ 10,010
• A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF NEWPORT BEACH AWARDING A CONTRACT FOR
COMPREHENSIVE PUBLIC LIABILITY INSURANCE
COVERAGE TO CANADIAN INDEMNITY COMPANY FOR
PRIMARY COVERAGE AND PROTECTIVE NATIONAL
INSURANCE COMPANY FOR EXCESS COVERAGE (1981-
1982 COVERAGE)
WHEREAS, the City of Newport Beach has sought proposals
to renew the City's comprehensive public liability insurance;
and
WHEREAS, it appears that the lowest responsible bidder
therefor is Cal - Surance Associates, Inc., representing Canadian
Indemnity Company as the primary carrier and Protective National
Insurance Company as the excess carrier;
WHEREAS, the City Council finds and determnines that it
is in the best interests of the City to accept a $100,000.00
self- insured retention; to award a policy of insurance for
coverage of $15,000,000.00 over the self- insured retention to the
Canadian Indemnity Insurance Company, primary carrier and
Protective National Insurance Company, excess carrier; and
WHEREAS, the cost of the program of Canadian Indemnity
Company and Protective National Insurance Company is in line with
other insurance available to the City on the insurance market,
• and entering into the proposed contract is fair and equitable;
• NOW, THEREFORE, BE IT RESOLVED that the City Council of
the City of Newport Beach hereby accepts the proposal to provide
comprehensive public liability insurance coverage from the
Canadian Indemnity Company for a one -year period commencing April
', 1, 1981 and continuing through April 1, 1982.
• BE IT FURTHER RESOLVED that all funds set aside for
payment of liability losses shall be established and encumbered
in a special liability insurance reserve fund and shall not be
used for any other municipal purpose until all incurred liability
losses within the self- insurance retention are actually paid or
settled.
BE IT FURTHER RESOLVED that the City Manager is hereby
authorized to execute any agreement that is necessary to carry
out the purpose of this Resolution.
ADOPTED this 23rd day of March , 1981.
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