SR-417-006 (15)
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Santa Monlea, c~ornia, Deee~ber 8, 198D
7/7---006
To:
Mayor and City Council
0-5
From:
City Staff
nEe 9 1980
Subject: Parking Authority Structure Insurance
Introduction
This report requests Council approval of payment of $97~548 and appropriation of
$85,987 for lnsurance on parklng structures located in the City of Santa Monlca.
B_ackground
Section 12 of the lease agreement between the City of Santa Monica and the Park1ng
Authority of the City of Santa Monica prov1des that the C1ty agrees to pay and
discharge the lnsurance premiums on all insurance required or permitted on the
property leased. $11,561 has been appropriated in th1S year1s budget for earth-
quake and fire 1nsurance on parking structures.
A three year prepaid insurance policy 1n the amount of S97,548 is aval1able to
the Clty from Employers Fire Commerclal Company. The fire and lightn1ng premlum
1S $13,746, the extended coverage premium is $7,891, and the earthquake insurance
premium is $75~821. An additional appropriat10n of $85~987 is needed to purchase
the insurance.
Recorrmendatlon
Staff recommends that Council authorize payment of $97,548 for park1ng structure
1nsurance and also authorize appropriat1on of 585,987 from the unappropr1ated
General Fund reserves for thlS 1nsurance.
Prepared by: N1Ck Rives, Dlrector of Finance
6111 Jlas, Act1ng Account1ng Supervisor
00
nEe 9 i980