Resolution No. 92941 RESOLUTION NO. 9294
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A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
3 VERNON AMENDING RESOLUTION NO. 9094 AND RATIFYING
THE ACTIONS TAKEN REGARDING INCREASES TO LOSS
4 LIMITS, PHYSICAL DAMAGE VALUES AND BUSINESS
5 INTERRUPTION LIMITS OF COMMERCIAL INSURANCE
POLICIES THROUGH ARTHUR J. GALLAGHER & CO.
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7 WHEREAS, the Ci.ty's current Commercial Insurance Program
8 consisting of a Property Policy (including earthquake and equipment
9 breakdown), general liability and first and second excess liability
10 policies expires on July 1, 2007; and
11 WHEREAS, on July 5, 2006, the City Council of the City of
12 Vernon adopted Resolution No. 9094 ratified, among other things, the
13 renewal of the Commercial Insurance Program consisting of a Property
14 Policy, General Liability and first and second excess liability
15 policies through Arthur J. Gallagher & Co., and the payment of an
16 annual premium in a not to exceed amount of $897,119.00 for the
17 Commercial Insurance Program, crime, employee benefit and excess
18 workers' compensation policies; and
19 WHEREAS, after a review of policy limits and upon the
20 recommendation of Arthur J. Gallagher & Co, the City's broker, the
21 Acting Risk Manager approved a loss limit increase from 150,000,000 to
22 $200,000,000, a physical damage value increase for the Malburg
23 Generator from 142,000,000 to $180,000,000 and a business interruption
24 limit increase for the Malburg Generator from 12,750,000 to
25 $28,000,000, effective January 18, 2007 through July 1, 2007, subject
26 to ratification by the City Council; and
27 WHEREAS, the City Council of the City of Vernon desires to
28 ratify the actions taken to increase the necessary insurance coverage
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for the Commercial Insurance Program; and
WHEREAS, the City Council of the,City of Vernon has
determined that, pursuant to the provisions of subsection (a) of
Section 2.27 of the Vernon City Code, it is in the public interest and
necessity to ratify the purchase of additional coverage through Arthur
J. Gallagher for the Commercial Insurance Program.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF VERNON AS FOLLOWS:
SECTION 1: The City Council of the City of Vernon hereby
finds and determines that the recitals contained hereinabove are true
and correct.
SECTION 2: The City Council of the City of Vernon hereby
ratifies and approves the increase in coverage in the Commercial
Insurance Program and the payment of the premium in the sum of
$69,038.06 for increased coverage from January 18, 2007 through
July 1, 2007.
SECTION 3: 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:
Arthur J. Gallagher & Co.
Insurance Brokers of California, Inc.
Attn. Nasreen Kopecky, Account Manager
15 Enterprise, Suite 200
Aliso Viejo, CA 92656
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SECTION 4: The Acting City Clerk of the City of Vernon
shall certify to the passage of this resolution, and thereupon and
thereafter the same shall be in full force and effect.
APPROVED AND ADOPTED this 16th day of April, 2007.
ATT ST:
MANU LA GIRON, ltctig-City Clerk
r
Q,EONIS C. MALBULRG, Ma or
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1 STATE OF CALIFORNIA )
ss
2 COUNTY OF LOS ANGELES )
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4 L, MANUELA GIRON, Acting City Clerk of the City of Vernon, do
5 hereby certify that the foregoing Resolution, being Resolution No.
6 9294, was duly adopted by the City Council of the City of Vernon at a
7 regular meeting of the City Council duly held on Monday, April 16,
8 2007, and thereafter was duly signed by the Mayor of the City of
9 Vernon.
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11 MANUELA GIRON, #cting City Clerk
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(SEAL)
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SUPPORTING
DOCUMENTS
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1 ollf
4305 Santa Fe Avenue, Vernon, California 90058
Telephone (323) 583-8811
April 30, 2007
Arthur J. Gallagher & Co.
Insurance Brokers of California, Inc.
ATTN: Ms. Nasreen Kopecky, Account Manager
15 Enterprise, Suite 200
Aliso Viejo, CA 92656
Re: Resolution No. 9294 - A Resolution of the City Council of the City
of Vernon Amending Resolution No. 9094 and Ratifying the Actions
Taken Regarding Increases to Loss Limits, Physical Damage Values
and Business Interruption Limits of Commercial Insurance Policies
Through Arthur J. Gallagher & Co.
Transmitted herewith is a copy of Resolution No. 9294 that was
approved by City Council on April 16, 2007.
If you have any questions regarding this matter, please call Mr.
Willard Yamaguchi at (323) 583-8811 ext. 175.
11 V ry truly yours,
At--te
Nelly Gi on
Acting City Clerk
NG:dr
c: Willard Yamaguchi
Karina Rueda
Resolution No. 9294
,vc(usivefy Industrw(