Resolution No. 8867
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RESOLUTION NO. 8867
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A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
VERNON APPROVING AND RATIFYING ACTIONS TAKEN IN
OBTAINING POLLUTION LEGAL LIABILITY INSURANCE FROM
AMERICAN INTERNATIONAL SPECIALTY LINES INSURANCE
COMPANY FOR INSURANCE COVERAGE RELATING TO PRE-
EXISTING CONDITIONS OF ACQUIRED PROPERTIES
7 WHEREAS, the City of Vernon and the Redevelopment Agency of
8 the City of Vernon (the "Agency") have evaluated its liability
9 insurance policies in light of the acquisition of properties by each
10 agency; and
11 WHEREAS, to limit the liability of the City and the Agency
12 with respect to pre-existing conditions of acquired properties, the
13 City's insurance broker, Arthur J. Gallagher & Co. Insurance Brokers
14 of California, Inc. ("Arthur J. Gallagher"), structured and obtained a
15 Pollution Legal Liability Insurance Policy with American International
16 Specialty Lines Insurance Company ("American") for coverage from
17. September 15, 2005 to September 15, 2006; and
18 WHEREAS, in order to meet the urgent need for the insurance
19 coverage, the Acting Risk Manager authorized the annual payment of
20 $42,231.49 and executed documents necessary to implement the insurance
21 policy, subject to ratification by the City Council and the Board of
22 Directors; and
23 WHEREAS, the Acting Risk Manager has requested that his
24 actions in obtaining the necessary insurance coverage for the
25 Pollution Legal Liability Insurance relating to pre-existing
26 conditions of properties acquired by the City and the Agency, issuing
27 the annuai premium payment and executing any forms necessary to
28 implement the insurance with American, be ratified; and
1 WHEREAS, the City Council desires to approve and ratify any
2 document executed by the Acting Risk Manager and/or his designee and
3 the annual premium payment in accordance therewith; and
4 WHEREAS, the City Council of the City of Vernon has
5 determined that, pursuant to the provisions of subsection (a) of
6 Section 2.27 of the Vernon City Code, it is in the public interest and
7 necessity to ratify the actions taken in obtaining the Pollution Legal
8 Liability Insurance with American, through Arthur J. Gallagher.
9 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
10 CITY OF VERNON AS FOLLOWS:
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SECTION 1:
The City Council of the City of Vernon hereby
12 finds and determines that the recitals contained hereinabove are true
13 and correct.
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SECTION 2:
The City Council of the City of Vernon hereby
15 ratifies and authorizes the Acting Risk Manager, or ,his designee, to
16 execute any and all documents necessary for the purpose of securing
17 the insurance and to implement and carry out the purposes specified in
18 the insurance on behalf of the City of Vernon.
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SECTION 3:
The City Council of the City of Vernon hereby
20 approves and ratifies the total annual premium payment of $42,231.49,
21 to be split 50/50 between the City and the Agency in accordance with
22 the terms of the insurance.
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SECTION 4:
The City Council of the City of Vernon hereby
directs the Acting City Clerk, or his designee, to send a copy of this
Resolution to:
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Arthur J. Gallagher & Co.
Insurance Brokers of California, Inc.
Attn. James C. Falbo, Account Executive
505 N. Brand Blvd., Suite 600
Glendale, CA 91203-3944
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SECTION 5:
The Acting City Clerk of the City of Vernon
2 shall 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 12th day of October, 2005.
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" --LEONIS C. ME BURG, Mayqr
ATTES~
BRUCE V. MALKENHORST, JR.
Acting City Clerk
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1 STATE OF CALIFORNIA
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ss
COUNTY OF LOS ANGELES
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I, BRUCE V. MALKENHORST, JR., Acting City Clerk of the City of
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Vernon, do hereby certify that the foregoing Resolution, being
Resolution No. 8867, was duly adopted by the City Council of the City
of Vernon at an adjourned meeting of the City Council duly held on
Wednesday, October 12, 2005, and thereafter was duly signed by the
Mayor of the City of Vernon.
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BRUCE V. MALKENHORST, JR.
Acting City Clerk
(SEAL)
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SUPPORTING
DOCUMENTS
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ARTHUR J. GALLAGHER &. CO.
WIRE TRANSFER INSTRUCTIONS
Account Name: A.J. Gallagher & Co. Insurance Brokers of
CA, Inc.
Lockbox Account Number: 12336-11193
Bank: Bank of America
1850 Gateway Blvd.
Concord, Ca 94520
Transit Routing Number: ABA 121000358