HomeMy WebLinkAboutAgenda Report - February 1, 1984 (26)do CITY COUNCIL MEETING
FEBRUARY 1, 1984:,
-OPP
Following introduction of the matter by Staff, Council on
motion of Council Ment)er Pinkerton, Murphy second, accepted
the bid frcm the Twin City Fire Insurance Company for the
City's Excess Liability Policy as folla..,s:
F_XCFSS LIABILITY $900,000 Excess Of $100,000 Self -Insured Retention
$500,000 Stop Loss
Premium - $35,000 Flat Annual
$20,000,000 Excess of $1,000,000
Premium - $13,900
4 0-
01101 Glg"MwnV�Gg:7-
February 1, 1984
Mr. Jerry L. Glenr
Assistant City Manager
CITY OF LODI
Lodi, CA 9524-0
Re: Excess Liability Policy
Dear Jerry:
Confirming ou-r discussion to4ay, it is our recommenda-
tion that the City Council accept the insurance bid
from the Twin City Fire Insuran:ce Company fo-r the Ex-
cess Liahility Policy.
Their bid is as follows:
900,000 Excess of $ 1'00,000 Self -Insured Renten.tion
500,000 Stop Loss
Premium - $35,00-0 Flat A.A:nm-al
$20.000,00,0 Excess of 511,000,000
Premium - $13,900
The Twin City Fire Insurance Company is part of the
Hartford Insurance Croup and holds a Best's rating of
A+i.X,,V - the h*69-hest available.
Their policy form wa-s th:e broadest to date that we
have been able to fi.n,,d,.
As mentioned-, the premia -m last year was $47,875 with the
bids this year ranging from a To -w of $46,531 to $101,000-
Ag%ailn, based on the financial strength of Twin City and
their policy form, I recommend that the Coutil accept
their bid.
Best regar-,-,7
JIM S 0 No"'��
JE;bJd
832SOUT4 FAIRMONT AVENUE * LODI, CALIFORNIA 95241 * P.O.BOX 188 9 20913694M---*'