HomeMy WebLinkAbout8.1 City Insurance Annual Renewal L�Q -3fl
CITY OF DUBLIN
AGENDA STATEMENT
MEETING DATE: January 24 , 1983
SUBJECT City Insurance Annual Renewal
EXHIBITS ATTACHED Letter from Ben Fernandez dated January 19 , 1983
RECOMMENDATION 1) Authorize the purchase of Public Entity Errors and
Omissions and Commercial Umbrella Liability Policies .
2 ) Authorize renewal of Basic Liability Policy.
FINANCIAL STATEMENT: Cost of Errors and Omissions and Umbrella Liability
Policies - $5 , 000 ; Estimated cost of Basic Liability
Policy - $3 , 566 ; Sufficient funds have been budgeted.
DESCRIPTION On February 1, 1983 , the City ' s Errors and Omissions
Policy and Commercial Umbrella Liability Policy will expire . The City' s
Insurance Broker, Mr. Ben Fernandez , has indicated that the City may renew
both these policies for 1983 at the same premium that was paid during 1982 .
With respect to the Comprehensive Basic Liability Policy, the original
policy was written for a three year term. However, due to changes in
exposure, it is anticipated that the premium for this policy will increase
by approximately $500 over 1982 . These additional exposures are primarily
the addition of equipment in the City Offices .
The total estimated insurance costs for 1983 are $8, 566 , as compared to
$8 , 066 for 1982 . The limits of liability for the City are $5, 500 , 000 . If
the City Council is desirous of increasing that coverage to $10, 000, 000, the
City' s Insurance Broker has indicated that he could get the estimated cost
of providing that coverage .
It is Staff ' s recommendation that the City Council authorize the purchase of
the Errors and Omissions Coverage and the Umbrella Liability Coverage at a
total cost of $5 , 000 , and further, authorize the renewal of the
Comprehensive Basic Liability Policy, provided that it does not exceed the
cost of $3 , 566 quoted by the City ' s Insurance Broker.
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Q COPIES TO: Ben Fernandez
8
ITEM NO. . 1
RIB., _ IVED
JAN 2 U 1983
CITY OF DUBLIN
COOPER McKENZI E MURPHY
POST OFFICE BOX 1030
PLEASANTON,CA.94566 ,.
PHONE:415-846.4423
January 19 , 1983
City of Dublin
P .O. Box 2340
Dublin, Ca. 94568
Attn: Richard Ambrose
Dear Rich:
Per your request for .insurance costs effective 2-1-83, we
submit the following:
1 . We have not received finalized figures from any of the
carriers as yet. However, we do have some confidence
in the premiums we are quoting. Certain of the premiums
will be paid by the County of Alameda and will show as .
such. The premiums for the Municipal Errors and Omissions
and Commercial Umbrella Liability Policy cannot be divided
between City and County exposures . Be that as it may,
they are both minimum premium policies and would be the
same whether you had the County contracts or not.
2 . It is possible that additional adjustments on the premium
will be made after 2-1-83 . Most likely, these will be
charges assigned to the County of Alameda. Per your
agreement, they have agreed to pick up these costs .
If I can be of any assistance regarding the presentation of
the quotation or an explanation of any details, please feel
free to call .
Best Re ds,
CO. R CKENZIE MURPHY
Ben Fernandez
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CITY OF DUBLIN
1983-1984 INSURANCE RENEWAL
I . Comprehensive Business Insurance
CBP911523 Continental Insurance Company
2-1-83 to 84
A. Property Insurance
1 . Office Contents - $25 ,000 -"All Risk"
2 . Extra Expense - $10 ,000-"All Risk"
3 . Word Processor = $25, 000-All Risk"
(description of unit to be submitted)
4 . Valuable Papers - $25 ,000
B . Comprehensive General Liability
1 . Limit — $500 ,000 CSL - Bodily Injury & Property Damage
2 . Coverage - All Municipal Operations (subject to policy
exclusions)
3. Additional Named Insured - County of Alameda
(limited to contracted services)
C . Business Automobile Liability
1 . Limit - $500 ,000 CSL-Bodily Injury & Property Damage
2 . Schedule - 9 Police Vehicles
(description of 3 vehicles to follow)
D. Blanket Dishonesty Bond
1 . Limit - $100 ,000
2 . Form - Public Employees Faithful Performance
Blanket Bond
E. Estimated Annual Premium
1 . Total Estimated - $8170
2 . County of Alameda Portion - $4604
3 . City of Dublin Portion - $3566
1
II. Public Entity Errors & Omissions
#930169 First State Insurance Company
2-1-83 to 84
Renewal Premium - $2500
III. Commercial Umbrella Liability
JU839-7485 Industrial Underwriters
2-1-83 to 84
Renewal Premium - $2500