Resolution No. 8772
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RESOLUTION NO. 8772
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
VERNON APPROVING AND RATIFYING THE ACTIONS TAKEN
REGARDING THE RENEWAL OF COMMERCIAL INSURANCE
POLICIES (PROPERTY AND EXCESS LIABILITY) THROUGH
ARTHUR J. GALLAGHER & CO.
7 WHEREAS, the City's current Commercial Insurance Program
8 consisting of a Property Policy (including earthquake and equipment
9 breakdown) and first and second excess liability policies expires on
10 July 1, 2005; and
11 WHEREAS, the City desired to renew the policies of insurance
12 to protect the City; and
13 WHEREAS, the City employed the services of Arthur J.
14 Gallagher & Co. Insurance Brokers of California, Inc. ("Arthur J.
15 Gallagher") to act as the City's broker to structure and obtain the
16 appropriate insurance coverage for the period July 1, 2005 through
17 July 1, 2006; and
18 WHEREAS, in order to meet the urgent need for renewal of the
19 insurance policies, the City Attorney submitted the required
20 application renewal forms, subject to ratification by the City
21 Council; and
22 WHEREAS, by letter dated June 9, 2005, Bruce V. Malkenhorst,
23 the City Administrator/City Clerk, recommended that the actions taken
24 to obtain the necessary insurance coverage for the Commercial
25 Insurance Program be ratified; and
2E WHEREAS, the City Council of the City of Vernon has
27 determined that, pursuant to the provisions of subsection (a) of
28 Section 2.27 of the Vernon City Code, it is in the public interest
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1 and necessity to ratify the renewal of the Commercial Insurance
2 Program through Arthur J. Gallagher.
3 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
4 CITY OF VERNON AS FOLLOWS:
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SECTION 1:
The City Council of the City of Vernon hereby
6 finds and determines that the recitals contained hereinabove are true
7 and correct.
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SECTION 2:
The City Council of the City of Vernon hereby
9 ratifies and approves the renewal of the Commercial Insurance Program
10 consisting of a Property Policy (including earthquake and equipment
11 breakdown) and first and second excess liability policies through
12 Arthur J. Gallagher & Co and authorizes the City Administrator, or his
13 designee, to execute any and all documents necessary for the purpose
14 of securing the renewal of the Commercial Insurance Program and to
15 implement and carry out the purposes specified in the insurance
16 renewal on behalf of the City of Vernon.
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SECTION 3:
The City Council of the City of Vernon hereby
18 approves the payment of the annual premium in accordance with the
19 terms of the insurance renewal in an estimated not to exceed amount of
20 $1,036,451.00.
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SECTION 4:
The City Council of the City of Vernon hereby
22 directs the City Clerk, or his designee, to send a copy of this
23 Resolution to:
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Arthur J. Gallagher & Co.
Insurance Brokers of California, Inc.
Attn. Jayne Sexton Mazziotti, Account Executive
505 N. Brand Blvd., Suite 600
Glendale, CA 91203-3944
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SECTION 5:
The City Clerk of the City of Vernon shall
2 certify to the passage of this resolution, and thereupon and
3 thereafter the same shall be in full force and effect.
4 APPROVED AND ADOPTED this 29th day of June, 2005.
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ATTEST:
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BRUCE V. MALKENHORST, ~~~~~~F~
Acting City Clerk
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/' . EONIS c~or
1 STATE OF CALIFORNIA
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COUNTY OF LOS ANGELES
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I, BRUCE V. MALKENHORST, City Clerk of the City of Vernon, do
hereby certify that the foregoing Resolution, being Resolution No.
8772, was duly adopted by the City Council of the City of Vernon at an
adjourned regular meeting of the City Council duly held on Wednesday,
June 29, 2005, and thereafter was duly signed by the Mayor of the City
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of Vernon.
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BRUCE V. MALKENHORST,-€ity-€ierk
Acting City Clerk
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(SEAL)
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