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Home My WebLink Aboutresolution.council.077-06 RESOLUTION NO. ::r::r (SERIES OF 2006) A RESOLUTION OF THE CITY COUNCIL OF ASPEN, COLORADO, APPROVING THE RENEWAL OF THE CIRSA PROPERTY/CASUALTY INSURANCE POLICY FOR THE CITY OF ASPEN FOR 2007, AND AUTHORIZING THE CITY MANGER TO EXECUTE THE ACCEPTANCE OF THE PREMIUM QUOTE ON BEHALF OF THE CITY OF ASPEN WHEREAS, there has been submitted to the City Council the Premium Quote for 2007 CIRSA Property/Casualty Insurance Policy for the City of Aspen, Colorado, a copy of which is annexed hereto and part hereof. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ASPEN, COLORADO: Section One That the City Council of the City of Aspen hereby approves the CIRSA Premium Quote for 2007 Property/Casualty Insurance Policy for the City of Aspen, Colorado, a copy of which is annexed hereto and incorporated herein, and does hereby authorize the City Manager to execute said Acceptance of Premium Quote on behalf of the City of Aspen. Dated: ~ tJ.FU?1A~ ;(c" ~, b I, Kathryn S. Koch, duly appointed and acting City Clerk do certify that the foreg?ing is a true and accurate copy o!the that ~lut~ adopted by t1~~City Council of the CIty of Aspen, Colorado, at a meetmg held,p..&/7)'..4J2,) 2", , 2006. II ATTACHMENT A PROPOSED 2007 PROPERTY/CASUALTY COVERAGES The types and monetary limits of the proposed coverages to be provided to CIRSA Property/Casualty . members for the applicable coverage period(s) are generally described below. The scope, terms, conditions, and limitations of the coverages are governed by the applicable excess and/or reinsurance policies, the CIRSA Bylaws and Intergovernmental Agreement, and other applicable documents. I. TYPES OF COVERAGES (subject to the limit on CIRSA's liability as described in Section II below): A. Property coverage (including auto physical damage) B. Liability coverage: I. General liability 2. Automobile liability 3. Law enforcement liability 4. Public officials errors and omissions liability C. Crime coverage (including employee dishonesty and theft of money and securities) II. CIRSA RETENTIONS, Loss FUNDS, AGGREGATE LIMITS, AND MEMBER DEDUCTlBLES: For the coverages described in Section I, CIRSA is liable only for payment of the applicable self- insured retentions and only to a total annual aggregate amount for CIRSA members as a whole of the amount of the applicable CIRSA loss fund for the coverage period. There is no aggregate excess coverage over any loss fund. Coverages in excess ofCIRSA's self-insured retentions are provided only by the applicable excess insurers and/or reinsurers in applicable excess and/or reinsurance policies, and shall be payable only by those excess insurers and/or reinsurers. The limits of coverage provided by the excess insurers and/or reinsurers for the coverage period shall be described in the coverage documents issued to the members. Aggregate and other limits shall apply as provided in said documents. A. CIRSA PROPOSED SELF-INSURED RETENTIONS FOR THE COVERAGE PERIOD: I. $500,000 per claim/occurrence property 2. $500,000 per claim/occurrence liability 3. $500,000 each and every claim Public Officials liability 4. $150,000 per claim/occurrence crime B. CIRSA Loss FUND AMOUNTS FOR THE COVERAGE PERIOD: Loss fund amounts are as adopted or amended from time to time by the Board of Directors based on the members in the Property/Casualty Pool for the year and investment earnings on those amounts. Information on the current loss fund amounts is available from the Chief Financial Officer. Attachment A (continued) C. PROPOSED EXCESS INSURANCE LIMITS FOR THE COVERAGE PERIOD: 3. Excess crime (optional): to $501 million each claim/occurrence to $5 million each claim/occurrence (except excess auto liability: to $1.5 million each claim/occurrence); $10,000,000 annual aggregate for public officials errors and omission liability to $2 million per claim/occurrence 1. Excess property: 2. Excess liability: D. MEMBER DEDUCTlBLES: A member-selected deductible shall apply to each of the member's claims/occurrences. Payment of the deductible reduces the amount otherwise payable under the applicable CIRSA retention. Allocated loss adjustment expenses are included in the member deductible. III. Loss CONTROL STANDARDS AUDIT SCORE CREDIT CIRSA members who received a Loss Control Standards Audit Score of 0.85 or higher in 2006, and renew their membership in 2007, are eligible for a Loss Control Standards Audit Score Credit. Refer to A IT ACHMENT B for the amount of this credit, if any. Under the Loss Control Standards Audit Score Credit Program, you have three options for utilizing this credit. You may: A. Place the amount in your Loss Control Credit Account, to be used as reimbursement for approved safety-related purchases; or B. Credit the amount against your 2007 contribution; or C. Receive the amount in the form of a check in January 2007. IV. Loss CONTROL CREDIT ACCOUNT The Board has approved member's use of any balance in the Loss Control Credit Account, except any Special Credit monies, 10 pay 2007 contributions. Your entity's balance in this account on August 17, 2006, if any, is shown on A IT ACHMENT B. This is an optional credit. You can elect to use all or any portion of the credit balance (except Special Credit monies) available. If elected, the credit can onlv be applied to your 2007 contribution. V. PURSUIT AND EMERGENCY VEHICLE OPERATIONS CREDIT PROGRAM CIRSA members with a police department, who have adopted a policy with the three key provisions ofCIRSA's Sample Pursuit and Emergency Vehicle Operations Policy and renew their membership in 2007, are eligible for a Pursuit and Emergency Vehicle Operations Credit in 2007. Refer to A IT ACHMENT B for the amount of this credit, if any. Under the Pursuit and Emergency Vehicle Operations Credit Program, you have three options for utilizing this credit. You may: A. Place the amount in your Loss Control Credit Account, to be used as reimbursement for approved safety-related purchases; or Attachment A (continued) B. Credit the amount against your 2007 contribution; or C. Receive the amount in the form of a check in January 2007. VI. PRELIMINARY QUOTATION FOR 2007 PROPOSED PROPERTy/CASUALTY COVERAGES The preliminary quotation is shown in ATTACHMENT B. It is for the proposed coverages along with administrative costs, claims servicing fees, and a reserve fund contribution, if applicable. The quote contemplates the exposures stated in your 2007 renewal application and all Application Amendment Requests received by CIRSA through August 17, 2006 and includes the deductible options you requested. Do not pay the amount of this preliminary quotation. It is provided only for your information and to provide a basis upon which you can decide whether to continue Property/Casualty coverage through CIRSAfor 2007. Final invoices for 2007 will be mailed to members on January 1, 2007. VII. ACCEPTANCE PROCEDURES Please complete the enclosed acceptance form indicating your decision for 2007, and return it to the CIRSA office on or before Friday, September 29, 2006. Failure to return the form in time may result in the imposition of penalties under CIRSA Bylaw Article XIV upon withdrawal. 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S o ~ >tl ~ >- -< ~ ,... o z o Cl ~ -< o -< Acceptance of Preliminary Property/Casualty Quotation Attachment C MUST BE RECEIVED AT THE CIRSA OFFICE ON OR BEFORE FRIDAY, SEPTEMBER 29, 2006 Complete, sign, and return this form if your entity has decided to accept CIRSA' s Preliminary Property/Casualty Quotation for 2007. ******************************************************************************* ACCEPTANCE OF PRELIMINARY PROPERTY/CASUALTY QUOTATION This is to notify CIRSA that the City of Aspen accepts the following preliminary quotation for property/casualty coverage for 2007 (check and fill in as applicable): The City of Aspen accepts the preliminary 2007 quotation of $ 6? f; 00 tf" with the same deductibles as 2006 (listed below): $ 10.000 Liability Deductible* $ 5.000 Auto Liability Deductible $ 10.000 Property Deductible $ 10.000 Auto Physical Damage Deductible The City of Aspen accepts the preliminary 2007 quotation of $ with new deductibles of: Liability Deductible* Auto Liability Deductible Property Deductible Auto Physical Damage Deductible $ $ $ $ * A $500 deductible quotation is offered to members, if requested, for property, auto physical damage, auto liability and general liability. However, police professional and public officials errors and omissions deductibles cannot go below $1,000. AUTOMOBILE MEDICAL PAYMENTS, PREMISES MEDICAL PAYMENTS AND UNINSUREDIUNDERINSURED MOTORIST OPTIONAL COVERAGE Based upon the selections made in your 2007 Property/Casualty Renewal Application, the City of Aspen has elected: Not to participate in Automobile Medical Payments Coverage, and Not to participate in Premises Medical Payment Coverage, and To participate in UninsuredlUnderinsured Motorist Coverage. If this is incorrect, or you wish to change your selection at this time, please contact your underwriting representative at (800) 228-7136 or (303) 757-5475. ** Indicates the selection is a change from your entity's selection in 2006. Acceptance of Preliminary Property/Casualty Quotation Page 2 Attachment C (continued) Loss CONTROL STANDARDS AUDIT SCORE CREDIT Please indicate below how you would like to utilize your 2007 Loss Control Standards Audit Score Credit, if applicable: Apply the credit towards our 2007 Property/Casualty contribution. Apply the credit towards our 2007 Workers' Compensation contribution. L Deposit the credit in our Loss Control Credit Account on January I, 2007. Send us a check for the amount of the credit after January I, 2007. Loss CONTROL CREDIT ACCOUNT Please indicate below how you would like to utilize your Loss Control Credit Account Balance, if applicable: Apply $ contribution. Apply $ of the credit towards our 2007 Workers' Compensation contribution. L Keep the full amount in our Loss Control Credit Account and do not reduce our contribution. of the credit towards our 2007 Property/Casualty PURSUIT AND EMERGENCY VEHICLE OPERA nONS CREDIT Please indicate below how you would like to utilize your 2007 Pursuit and Emergency Vehicle Operations Credit, if applicable: Apply the credit towards our 2007 Property/Casualty contribution. Apply the credit towards our 2007 Workers' Compensation contribution. j... Deposit the credit in our Loss Control Credit Account on January I, 2007. Send us a check for the amount of the credit after January 1, 2007. Acceptance of Preliminary Property/Casualty Quotation Page 3 Attachment C (continued) THIS IS NOT A BILL. AN INVOICE WILL BE SENT ON JANUARY 1. 2007. The undersigned is authorized to accept this preliminary quotation on behalf of the City of Aspen. We accept this preliminary quotation for January I, 2007 to January I, 2008. We understand our final invoice may increase/decrease depending upon the number of CIRSA Property/Casualty members for 2007, actual excess insurance premiums, and any changes ade to our 2007 renewal appl' ation. q/;;T-/~t, Signature: Title: Date: . Signatur . . President of at of the Mayor. Manager, Clerk, or lDistrict. )