Laserfiche WebLink
Insurance Renewals <br />June 1, 2009 <br />Page 2 <br />purchasing strength. Since 1993, PEPIP has grown to include over 6,400 <br />members in 45 states, which has allowed the group to purchase property <br />insurance at affordable premiums. The estimated $425,000 premium will <br />provide $1,000,000,000 of coverage for insured City properties. PEPIP <br />will provide the City with $100,000,000 for boiler and machinery damage <br />and $82,500,000 in flood damage except $50,000,000 in Flood Zone A. <br />However, due to the excessive premium cost of earthquake insurance, the <br />City will not seek this coverage. <br />Insurance deductibles will be as follows: <br />Coverage Deductible <br />Flood $100,000 except $250,000 for Flood <br /> Zone A locations <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 $350,000, depending on <br /> the pieces of equipment involved <br />The City Manager will review the quotations and make the final decision to <br />secure the coverages. <br />FISCAL IMPACT <br />Funds are budgeted in the proposed 2009-10 Liability & Property Insurance <br />account (account no. 80-180-6521) and Workers' Compensation account <br />(account no. 82-178-6521). <br />APPROVED AS TO FUNDS AND ACCOUNTS: <br />Kathie Gonzalez Francisco Gutierrez ~~ <br />Acting Executive Director Executive Director <br />Personnel Services Finance & Management Services Agency <br />29A-2 <br />