HomeMy WebLinkAboutAGENDA REPORT 1986 0915 CC REG ITEM 10B MUOKIAKK ITEM 1 O _ B
JAMES D. WEAK STEVEN KUENY
Mayor . City Manager
THOMAS C. FERGUSON /`� CHERYL J. KANE
Mayor Pro Ter City Attorney
ALBERT PRIETO P141111 RICHARD MORTON
Councilmember (- 1 � Director of
DANNY A. WOOLARD Community
Councilmember \/111111111111r Development
LETA YANCY-SUTTON R. DENNIS DELZEIT
Councilmember City Engineer
DORIS D. BANKUS JOHN V. GILLESPIE
City Clerk MEMORANDUM Chief of Police
THOMAS P. GENOVESE
City Treasurer
T O : The Honorable City Council
FRONT : Thomas P. Genovese, Administrative Assistant C
r
DATE : September 10, 1986
S U B J E ci T : Excess Liability Insurance
As noted during previous City Council meetings, City staff has been
working with the City's Insurance Broker to obtain additional excess
insurance. Currently the City is insured to the limit of 2 million
dollars with a self-insured rentention of 10,000 dollars. City
staff has been investigating the purchase of additional excess of
coverage to the 5 million dollar level.
Additional insurance is now available through the carrier of State
of Pennsylvania Insurance Company. This company has an excellent
rating of A+ 14. The carrier has offered coverage of 3 million in
excess of 2 million. This amount of coverage would now raise the
limit of coverage for the City of Moorpark to the desired limit
of 5 million. The cost for this additional 3 million coverage is
$40,000 for the period of September 1 or September 16, 1986.
As you are aware the City of Moorpark has a budgeted amount of $95,000
for the fiscal year 1986/87 for Insurance and Bonds. With current
expenditures of $56,654 for general liability $2,503 for auto
liability and projected claim administration of $5,000,to obtain
the additional coverage of 3 million in excess of 2 million the City
Council will need to appropriate an additional $7,500 to account
01-117-548 for the fiscal year 1986/87.
RECOMMENDATION:
1. Authorize additional appropriation of $7,500 from General Fund
Reserve to account 01-117-548 Insurance & Bonds.
2. Authorize the purchase of additional insurance coverage of 3 million
in excess of 2 million from the State of Pennsylvania Insurance
Company.
799 Moorpark Avenue Moorpark,California 93021 (805)529-6864
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