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City of Pasadena Insurance Renewal

City of Pasadena Insurance Renewal. Presented by David Serrano, Claims Coordinator July 8, 2013. Rationale for Insurance. Reasons for Multi-line Property & Casualty Insurance: Protect against catastrophic loss Protect financial interest in City’s property P rotect cash flow

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City of Pasadena Insurance Renewal

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  1. City of PasadenaInsurance Renewal Presented by David Serrano, Claims Coordinator July 8, 2013

  2. Rationale for Insurance • Reasons for Multi-line Property & Casualty Insurance: • Protect against catastrophic loss • Protect financial interest in City’s property • Protect cash flow • Protects the City’s collateral for Bond purposes

  3. Multi-line Property and Casualty Insurance • Crime Coverage • Liability • Property, and Boiler and Machinery • Heliport and Aircraft (liability and hull coverage) • Cyber policy • Auto Physical Damage • Paseo Garage (Property) • Special Events/Tenant User

  4. Newly recommended coverages: • Pollution with Storage Tank liability • Medical Malpractice • Property NCRB Terrorism • Cyber Policy

  5. FY 14 Total Premium $3,603,234 • Prior year cost $1,964,500 • Cost increase due to: • Increased property valuations, from $890 million to $1.3 billion (including Rose Bowl renovations) • Claims: loss experience at Power Plant • Coverage enhancements, reduced SIR’s • Premiums are included in the FY 14 budget

  6. Recommendations • Recommendations: • Authorize binding of the City’s property and casualty insurance coverage effective July 1, 2013 for the coverages outlined in the staff report • Find proposed insurance coverages are exempt from competitive bidding, pursuant to City Charter Section 1002 (f) • Grant and exempt from competitive selection pursuant to City Municipal Code Section 4.08.049(B) contracts which the City’s best interest are served.

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