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The memorandum outlines a recommendation for the City Council to approve citywide insurance renewals for the period of October 1, 2025, to October 1, 2026. It includes authorizing the Director of Finance to select and purchase various insurance policies at a total cost not exceeding $4,275,826, along with an 18% contingency. The document details the insurance carriers involved, the types of coverage, and the financial implications of the renewals. It highlights the favorable conditions in the current insurance market and the city's strategy to maintain adequate coverage against potential catastrophic losses.
Key points
Recommendation to adopt a resolution for citywide insurance renewals.
Total cost not exceeding $4,275,826 plus an 18% contingency.
Insurance coverage includes property, liability, and executive risk policies.
Insurance carriers include Factory Mutual Insurance Company, Beazley, and others.
The current insurance market is favorable for buyers, allowing for better terms and coverage options.
The city is self-insured for certain liabilities and evaluates its insurance needs annually.
Limitations
The text appears to be truncated, missing some details about specific insurance policies and costs.
Several placeholders and unresolved sections are present, affecting the completeness of the summary.
Generated for convenience from extracted text using AI. Review the official source document before relying on this summary.
Extracted text preview · 36,397 chars
COUNCIL AGENDA: FILE: ITEM: TO: HONORABLE MAYOR AND CITY COUNCIL SUBJECT: Approval of Citywide Insurance Renewals Approved 9/23/25 25-1003 2.7 FROM: Maria Öberg DATE: September 2, 2025 Date: 9/8/2025 COUNCIL DISTRICT: Citywide RECOMMENDATION Adopt a resolution authorizing the Director of Finance or her designee to: (a) Select and purchase City of San José property, liability, and executive risk insurance policies for the period of October 1, 2025, to October 1, 2026, at a total cost not-to-exceed $4,275,826 as well as an 18% contingency for additional property or assets scheduled, subject to the appropriation of funds, with the following insurance carriers: (1) (2) (3) (4) (5) (6) (7) (8) Factory Mutual Insurance Company for Property Insurance, including Boiler and Machinery and Terrorism Risk Insurance Act Coverage; Beazley Excess and Surplus Lines Insurance, Inc. for Terrorism Insurance; The Princeton Excess and Surplus Lines Insurance Company, Ironshore Specialty Insurance Company, and Arch Specialty Insurance Company for $15 million in Excess Flood Insurance on a 50/50 quota share basis; Gemini Insurance Company for Auto Liability Insurance for the vehicle fleets at the San...
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The file was imported, but the current source metadata does not include a public document URL.
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The source text indicates this attachment appears to be a draft document.
This resolution authorizes the Director of Finance of the City of San José to select and purchase various insurance policies for the city for the periods of October 1, 2025 to October 1, 2026, and October 22, 2025 to October 22, 2026. The total cost for the first set of policies is not to exceed $4,275,826, with an additional 18.0% contingency for extra property or assets. The resolution outlines specific insurance coverages and carriers involved.
Key points
The resolution is for the City of San José.
It authorizes the purchase of property, liability, and executive risk insurance policies.
The insurance period is from October 1, 2025 to October 1, 2026.
Total cost for the first set of policies is capped at $4,275,826.
An 18.0% contingency is included for additional property or assets.
Additional liability insurance is to be purchased for the period of October 22, 2025 to October 22, 2026.
Costs for additional liability insurance range from $500,000 to $1,100,000.
Specific insurance carriers for various coverages are listed.
Limitations
The document appears to be a draft.
The resolution number is not filled in.
The adoption date and vote details are not provided.
Generated for convenience from extracted text using AI. Review the official source document before relying on this summary.
Extracted text preview · 4,439 chars
NVF:KMM:KMF 08/19/2025 RESOLUTION NO. ______________ A RESOLUTION OF THE COUNCIL OF THE CITY OF SAN JOSE AUTHORIZING THE DIRECTOR OF FINANCE TO (A) SELECT AND PURCHASE CERTAIN CITY PROPERTY, LIABILITY, AND EXECUTIVE RISK INSURANCE POLICIES FOR THE PERIOD OF OCTOBER 1, 2025 TO OCTOBER 1, 2026, AT A TOTAL COST NOT TO EXCEED $4,275,826, AS WELL AS AN 18.0% CONTINGENCY FOR ADDITIONAL PROPERTY OR ASSETS SCHEDULED, SUBJECT TO THE APPROPRIATION OF FUNDS; AND (B) SELECT AND PURCHASE ADDITIONAL LIABILITY INSURANCE FOR THE PERIOD OF OCTOBER 22, 2025 TO OCTOBER 22, 2026, AT A COST RANGING FROM $500,000 TO $1,100,000, SUBJECT TO THE APPROPRIATION OF FUNDS WHEREAS, the City of San José (“City”), working in conjunction with the insurance broker Alliant Insurance Services, examined the City’s existing insurance program along with alternative coverages that could be considered, in accordance with the annual insurance renewal process of the City; and WHEREAS, the City’s insurance program generally includes property insurance for City facilities and property (which includes property previously owned by the Redevelopment Agency of the City of San José, now owned by the City), Terrorism Risk...