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RESOLUTION: 2002-7
SUBJECT: Approval of payment of insurance premiums to Van Gilder Insurance Corporation for the purchase of excess insurance coverage. Specifically, this resolution is requesting approval of payment of $108,837 for the general liability insurance premium and $126,575 for the property insurance premium.
RECOMMENDATION: Approve Resolution.
FUNDING SOURCE: Self-insurance fund, budgeted line item for insurance premiums. Accounts W01-351-YB and W03-351-YB.
SUMMARY AND BACKGROUND OF SUBJECT MATTER: Expected and unexpected losses occur in the course of delivering municipal government services. The strategy the City uses to manage these exposures is through a combination of self-insuring the lower level losses (self-insurance fund) and transferring payment of potential higher level losses to traditional insurance. To accomplish this strategy, purchase of excess insurance is necessary.
DATE RESOLUTION ADOPTED: February 11, 2002.
ORIGINATED BY: Jim Patton, Risk Manager
STAFF PERSON RESPONSIBLE: Jim Patton, Risk Manager, 303-987-7661
DOCUMENTS ATTACHED: Resolution 2002-7
SUBMITTED BY:
Jim Patton, Risk Manager
Ken Milano, Director of Employee Relations
REVIEWED BY:
Joni Inman, Director Mayor and City Manager's Office
Michael J. Rock, City Manager
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