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<br />Insurance Renewals <br />June 20, 2005 <br />Page 2 <br /> <br />purchasing strength in a challenging property insurance market. Since <br />1993, PEPIP has grown to include over 5,000 members in 30 states, which <br />has allowed the group to purchase adequate property insurance at <br />affordable premiums. Renewal of the City's participation in PEPIP will <br />ensure the City's ability to continue purchasing property insurance at <br />competitive rates. <br /> <br />The $333,803 premium will provide $1 billion dollars of coverage for most <br />City properties. PEPIP will provide the City with $100 million for boiler <br />and machinery damage and $82.5 million in flood damage. All PEPIP members <br />share $100 million of terrorism coverage with a $500 million annual <br />aggreg~te. However, due to the excessive premium cost$ of earthquake <br />insurance, the City will not seek this coverage. <br /> <br />Current insurance deductibles are as follows: <br /> <br /> Coverage Deductible <br />Vehicles <br /> Fire Fighting $50,000 <br />Vehicles <br /> All other $25,000 <br />All other occurrences $10,000 <br />Boiler & Machinery $2,500 to $375,000, depending on the <br /> pieces of equipment involved <br /> <br />FISCAL IMPACT <br /> <br />Funds are budgeted in the 2005-06 Liability & Property Insurance account <br />(account no. 80-180-6521) and Workers' Compensation account (account no. <br />82-178-6521) . <br /> <br />APPROVED AS TO FUNDS AND ACCOUNTS: <br /> <br /> <br />, ~ '-- \ <br />=\\\l\.\\\~) )~.k ~:()~ <br />Francisco Gutierrez <br />Executive Director <br />Finance & Management Services Agency <br /> <br />29B-2 <br /> <br />- <br />