HomeMy WebLinkAbout4.4 Insurance Program Status Report CITY OF DUBLIN
AGENDA STATEMENT
CITY COUNCIL MEETING DATE : January 28, 1985
SUBJECT 1985-86 Insurance Program Status Report
EXHIBITS ATTACHED Letter from Insurance Broker dated January 18 , 1985
RECOMMENDATION : x Receive Report and authorize City Manager to execute a
/ one month extension with current carrier
FINANCIAL STATEMENT: Estimated cost of a one month extension is $1 ,450.
Sufficient funds are available in the 1984-85 Budget
DESCRIPTION The City ' s general liability, automobile liability and
umbrella insurance coverage is scheduled to expire on February 1 , 1985 .
Attached is a status report from the City ' s Insurance Broker which discusses
the status of the 1985-86 program.
The insurance market has experienced vast changes due to several factors .
Many companies are no longer writing policies for municipalities . P4r.
Fernandez has recommended a one month extension with the current carrier.
The City' s present insurance carrier has already notified the City that they
will not be providing a proposal for 1985-80' . The estimated cost of a one
month extension is 25/ more than the monthly average cost of the 1984-85
coverage . This cost has not been adjusted to provide for reimbursement by
Alameda County for their share of costs .
It is recommended that the City Council authorize the City Ivianager to
execute a one month extension with the current carrier.
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COOPER McKENZIE MURPHY
;1a POST OFFICE BOX 1030
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PHONE:415.846-4423
January 18 , 1985
City of Dublin
6500 Dublin Blvd. , Suite 218
Dublin, CA 94568
Attn: Richard Ambrose & Paul Rankin
Dear Rich and Paul :
We have not received our first quotation for the basic liability
insurance for the City of Dublin. However, figures are on the
way from three separate carriers . We regret that it has taken
so long to put this together; however, the market seems to
be changing by the hour.
We have received tentative assurance that Twin City Fire will
extend coverage for an additional 30 days pending putting a
program together. We will keep you advised as this develops.
It is obvious that the market for municipal insurance has
fallen apart. It is likely that we will have separate cover-
ages on the general liability, automobile liability and
umbrella. However, be assured that coverage will continue
without interruption 2/1/85 .
We will keep you advised as matters develop.
Best regards ,
COOPER MCKENZIE MURPHY
Ben Fernandez
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