HomeMy WebLinkAboutAgenda Report - August 7, 1985 (87)k 1z' 4
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LL Z,3ILITY
INSURANCE
COVERAGE
Assistant City Manager Glenn remi_nd4-�d the Cour:ci.l that i:;
February, the City of Lodi was only Guile to obtain
$10,000,000 of liability insurance of the $20,000,000 ;ae
had carried previously. The C_ity's Agent of Record has-
been trying since,, that time to obtain tl:e additional laver
of insurance and has now received a quotation for arj
additional $10,000,000 of Lrisurance.
On motion of Council Member Snider, Olson second, Council
autl-iorized the purchase of an additional layer of
$10,000,000 liability insurance at an asinnual premium of
$26,256, which will be prorated to February 2, 1986 which
coincides with the renewal date of tine basic policy.
FRO) L• THE CITY MANAGER'S OFFICE JULY 31, 1985 v
SUBJECT:
LIABILITY INSUPANCE COVERAGE
BACKGROUND ITNIFORMATION:
Council will recall that in February, we were only able to obta?n
$10,000,000 of liability insurance of the $20,000,000 we had carried
previously.
Jim Elson has been trying since that time to obtain the additional
layer of insurance, and he has now received a quotation for an
additional $10,000,000 of insurance.
RBCODIMENDED ACTION:
It is reconmnded that Council authorize the purchase of this
additional layer of insurance at an annual premium of $26,256 which
would be prorated to February 2, 1986, which coincides with the renewal
date of the Lasic policy.
: 'JP'RRY L . �N
ASSISTANT CITY MANAGER
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