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<br />REQUEST FOR <br />COUNCIL ACTION <br /> <br />8 CITY COUNCIL MEETING DATE: <br /> <br />JUNE 21, 2004 <br /> <br />~ <br />~ <br /> <br />CLERK OF COUNCIL USE ONLY: <br /> <br />TITLE: <br /> <br />APPROVED <br /> <br />D As Recommended <br />D As Amended <br />D Ordinance on 1s1 Reading <br />D Ordinance on 2,d Reading <br />D Implementing Resolution <br />D Set Public Hearing For <br /> <br />INSURANCE RENEWALS/REVISIONS <br />TO RISK POOL AGREEMENT <br /> <br />"".. <br /> <br />af2(k2-- <br />ITY MANAGER <br /> <br />CONTINUED TO <br /> <br />FILE NUMBER <br /> <br />- <br /> <br />RECOMMENDED ACTION <br /> <br />1. Approve City's continued membership in the Big Independent Cities <br />Excess Pool for an additional three years beginning July 1, 2004 at <br />an annual premium cost not to exceed $2,367,000 for the first year. <br /> <br />8 <br /> <br />2. Approve the City of Riverside and the Community Development <br />Commission of the County of Los Angeles as potential members of Big <br />Independent Cities Excess Pool (BICEP) effective July 1, 2004 and <br />authorize the City Manager to execute any documents and any <br />amendments to operative agreements including, but not limited to, the <br />BICEP Liability Risk Coverage Agreement and/or the BICEP Joint Powers <br />Agreement necessary to carry out this approval, including waiver of <br />certain time limits in Section 6.1 of the Liability Risk Coverage <br />Agreement. <br /> <br />3. Approve the City's continued participation <br />Property Insurance Program from July 1, 2004 <br />premium cost of $457,439. <br /> <br />in the Public Entity <br />to July 1, 2005 at a <br /> <br />DISCUSSION <br /> <br />On September 23, 1988, the Big Independent Cities Excess Pool (BICEP) <br />Joint Powers Authority was formed with five cities. The current cities are <br />as follows: Santa Ana, Huntington Beach, San Bernardino, Oxnard; and West <br />Covina. The purpose of BICEP is to provide insurance coverage for its <br />members shielding them from financial debt due to large liability claims, <br />judgments, and settlements. <br /> <br />BICEP provides insurance stability through its annual requirement of each <br />8City to enroll for a succeeding three-year commitment. Each member city <br />has a $1 million self-insured retention that is similar to a deductible. <br />An estimated $1,560,000 of the total BICEP insurance premium covers <br />liability claims from $1 to $25 million per occurrence. The remaining <br /> <br />29A-1 <br />