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! <br /> DEPARTMENT OF FINANCIAL MANAGEMENT <br /> RISK MANAGEMENT DIVISION <br /> MEMORANDUM N0. 92-035 <br /> February 25, 1992 <br /> MEMO T0: Mayor and City Council <br /> FROM: James C. Bacon, Jr. , City Manager <br /> Beth B. Couter, Director of Financial Management <br />' Jerry Bauer, Risk Manager <br /> SUBJECT: PUBLIC OFFICIALS' LIABILITY INSURANCE APPLICATION <br /> Attached is a resolution authorizing application for renewal of the City's <br /> public officials' liability insurance policy with National Union Fire Insurance <br /> Company. <br /> This policy has been in force and effect since May of 1986, and provides <br /> coverage on a claims-made basis for errors and omissions of City Council and <br /> advisory board members. The aggregate limit of liability is $1,000,000, with a <br /> $10,000 deductible per occurrence. It constitutes separate coverage from the <br /> city's "London Package", which provides aggregate excess coverage for general <br /> liabilty loss exposures. <br /> Last May, the City paid $22,428 in premium for this policy. We have <br />� assurance that the broker will search the market again this year to find the <br /> most competitive rate for this coverage. <br /> We recommend the Council approve this application so that the City's <br /> broker, Arthur J. Gallagher and Company, can begin the renewal process <br /> promptly. Thank you. <br /> GJB/dly <br /> attachment <br />