HomeMy WebLinkAbout7369RESOLUTION NO. 7,369
A RESOLUTION AUTHORIZING THE CITY MANAGER TO
AMEND THE CITY'S PUBLIC OFFICIAL LIABILITY
INSURANCE POLICY, AND INCREASING THE COVERAGE
FROM $1,000,000.00 TO $5,000,000.00.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS
OF THE CITY OF LITTLE ROCK, ARKANSAS:
SECTION 1. The City Manager is hereby authorized to
amend the City's Public Official Liability Insurance Policy by
increasing the coverage from $1,000,000.00 to $5,000,000.00.
ADOPTED: April 16, 1985
ATTEST:
44
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APPROVED:
MAYOR THOMAS A. PRINCE
176
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M M M r
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BOA. OF DI
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- COMMUNICA'IN
M E M O R A N D U M
April 5, 1985
T0:
Mayor
an Bo d of
Directors
FROM:
Susan
. F ,'City
Manager
SUBJECT: Amendment to Public Official Liability Insurance
Policy to Increase Coverage
BOARD ACTION RECOMMENDED: Adoption of a resolution authorizing
an amendment to the City's Public Official Liability Insurance
Policy increasing coverage from $1,000,000 to $5,000,000.
BACKGROUND INFORMATION: In November 1984, the City received
notice that the underwriter for the City's Public Official
Liability Insurance coverage was canceling our policy. Bids were
taken in December 1984, and in early January, a contract was
awarded to Rebsemen Insurance Company for $1,000,000 coverage
underwritten by National Casualty Company - Markel Services. This
underwriter was recommended by the International City Management
Association.
It is the consensus of staff that the City needs more than a
$1,000,000 liability coverage. An increase in coverage from
$1,000,000 to $5,000,000 will cost $53,000 more. The City has
already paid $35,000 for the first million and that amount will
be credited - toward the total premium of $88,000. This is a
sizable amount of money to pay for this insurance policy;
however, the City has a multitude of law suits being filed and
the increased coverage is needed as a safety net.
SBF:WBK:dmm
CITY OF LITTLE ROCK, ARKANSAS
177