HomeMy WebLinkAbout15 - Property Insurance RenewalJuly 25, 2000
Agenda Item 15
City of Newport Beach
Memorandum
To: Mayor and Members of the City Council
From: Lauren F. Farley, Risk Manager
Subj: Property Insurance Renewal
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Background
The city purchases property insurance for its all real and personal property
assets consisting of All Risk, Boiler and Machinery, Earthquake, Flood and
Watercraft coverage. Our broker, Mark Zahoryin of Cal Surance, selects the
markets that have municipal property experience, depth of coverage and a
competitive annual premium. Over the last several years the property insurance
favorable market has allowed the city to expand the coverage of its real and
personal property which now includes this coverage for all our parks and both the
municipal piers. Last year's coverage had an annual premium of $ 317,182.
The schedule of insurance for the city's real and personal properties for All Risk,
Boiler and Machinery, Difference in Conditions (Earthquake and Flood),
Watercraft and Earthquake & Flood for the Newport and Balboa piers plus
insurance companies, premiums, policy limits and deductibles are all listed in
Attachment A.
Recommendation
The City Council approve the renewal of the entire property insurance coverage
outlined in Attachment A for FY 00/01 for a total premium of $328,604.
Appropriate funds exist in the budget to cover this expenditure.
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