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MEMORANDUM <br /> <br />July 6, 19~7 <br /> <br />TO: <br /> <br />FROM: <br /> <br />SUBJECT: <br /> <br />Honorable Mayor and Members of the City Council <br />AsSistant to the City Manager - Walker <br />Insurance Renewals - July 1, 1977 <br /> <br />Introduction <br />The City's Property, Crime and Basic Liability policy and the <br />$5,000,000 Umbrella policy expired July 1, 1977. The City's <br />insurance broker, Cooper-McKenzie-Murphy~ has received quotations <br />from the limited number of insurance companies that will provide <br />coverage to cities and has, through negotiations, obtained coverage <br />for fiscal year 1977-78. The insurance broker, has secured a <br />binder for the coverage pending the approval of the two policies <br />by the City Council. <br /> <br />New Policies <br />A copy of a letter from Ben Fernandez o'f Cooper-McKenzie-Murphy is <br />attached. As stated in the letter, the cost of the two policies <br />has increased substantially over last year and is approximately <br />$70,000.00 higher than the estimate included in the 1977-78 Budget. <br /> is included in the letter, however, <br /> <br />The cost breakdown of the policies <br />a summary is shown below: <br /> <br />Multi-Peril <br />Umbrella <br /> <br /> Total <br /> <br />The letter from Mr. <br />creases. <br /> <br />1976-77 1977-78 <br />Premium Premium increase %__ <br />$78,058. $172,300. $92,242. 130% <br />25,350. 98,320. 72,970. 288% <br />$100,408. $270,620. $170,212. 170% <br /> <br /> Fernandez explaihs the reasons for the cost in- <br /> <br />Self-Insurance as Alternative <br />Mr. Fernandez has looked into the possibility of self-insurance and <br />has provided some information for Council consideration although he <br />does not recommend self-insurance for pleasanton now. <br /> <br /> <br />