HomeMy WebLinkAbout19C - EMPL. FAITH PERFORM INS.
REQUEST FOR
COUNCIL ACTION
. CITY COUNCIL MEETING DATE:
~
~
CLERK OF COUNCIL USE ONLY:
MARCH 15, 2004
TITLE:
EMPLOYEE FAITHFUL PERFORMANCE
INSURANCE RENEWAL
APPROVED
0 As Recommended
0 As Amended
0 Ordinance on 1~ Reading
0 Ordinance on 2"' Reading
0 Implementing Resolution
0 Set Public Hearing For
.,..1-.
~GER
CONTINUED TO
FILE NUMBER
RECOMMENDED ACTION
Purchase Employee Faithful Performance insurance through the California
Public Entity Insurance Authority at a premium cost of $19,247 for the
coverage period of April 1, 2004 to June 30, 2006.
DISCUSSION
. The City has purchased excess workers' compensation insurance from the
California Public Entity Insurance Authority (CPEIA) since July 1, 2002.
CPEIA has offered the City a $19,247 quotation in their crime program with
a $10 million limit for a 27-month period from Ap~il 1, 2004 to June 30,
2006 and a $25,000 per occurrence deductible. The renewal premium for our
current Employee Faithful Performance insurance with Driver Alliant is
$21,795 for a one-year period from April 1,2004 to April 1, 2005 and only
includes a $6 million insurance coverage limit.
The coverage in the Driver Alliant Crime Program is virtually identical to
that offered by CPEIA. However, CPEIA offers a higher limit of $10
million and provides the City with 15 months of additional coverage at a
lower cost. The CPEIA program covers the following:
l.
2.
3.
4.
5.
6.
Employee dishonesty with faithful performance coverage
Forgery and alteration
Theft, disappearance and destruction
Robbery and safe burglary
Computer fraud including funds transfer coverage
Money orders and counterfeit paper currency
.
19C-1
Insurance Renewal
Ma.rch 15, 2004
Page 2
FISCAL IMPACT
Budgeted funds are available in the Liability and Property Insurance fund
Account (account no. 80-180-6521).
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APPROVED AS TO FUNDS AND ACCOUNTS:
Jl,,/-. /l. (.,f.-v~
Rod R. Coloma
Executive Director
Finance & Management Services
19C-2
Agency