HomeMy WebLinkAbout08-047
DATE SUBMITTED: February 11,2008
BILL #
08-047
AGENDA BILL
CITY OF BREMERTON
CITY COUNCIL
........................................................................................
SUBJECT: Purchase of Excess Liability,
Excess Workers' Compensation, and Crime
Insurance
Committee Meeting Date: February 27,2008
COUNCIL MEETING Date: March 5, 2008
Department: Financial Services
Presenter: Peggy Lesser I/~'
Phone: 473-5302
SUMMARY: The Bremerton Municipal Code authorizes the Risk Manager to bind insurance and
then requires City Council approval for continuation of the bound coverage. Excess liability coverage
has been bound with Illinois Union Insurance Company at an annual cost of$154,018. Excess
workers' compensation insurance has been bound with Safety National Insurance Company for a
deposit premium of $29,431.25. Crime insurance has been bound with Great American Insurance for
$4,473 per year.
ATTACHMENTS: Insurance Binders
FISCAL IMPACTS (Include Budgeted Amount): $481,722 was budgeted for all 2008 insurance
premiums and bond costs. Renewal of these coverages will result in a favorable budget variance of
approximately $80,000 for the insurance premium line item.
COMMITTEE CHAIR
COUNCIL PRESIDENT:
CONSENT AGENDA
GENERAL BUSINESS D
PUBLIC HEARING D
APPROV ALS:
DEPARTMENT DIRECTOR: .
CITY ATTORNEY:
FINANCE DIRECTOR:
MA YOR:
RECOMMENDED MOTION: I move to approve the continuation ofthe excess liability, excess workers'
compensation, and crime insurance bound for 2008 for the City of Bremerton.
COUNCIL ACTION: ~rove D DenyD Table
D Continue D No Action