10-29-1984 Council Packet - Laserfiche WebLink

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2. The successful proposer shall provide evidence of coverage prior to the effective date and deliver final policies either before said date or within a reasonable time thereafter. 3. The successful proposer shall furnish a division or breakdown of premium as may be required by the City and shall render a detailed report of all losses or reserves at least annuUlly. 4. One factor which may have an important bearing on true cost is the existence or absence n" gaps or overlaps between coverages provided by different_ insurers. For that reason, favorable consideration will be given by the City to proposals submitted through one insurer. If a proposal is submitted through more than one insurer, all insurers shall attach to their policic:-, an "Overlap Endorsement" (sec' exhibit Al or other legally valid written evidence to the same effect. The Overlap Endorsement provides that the event of an insured lobs over which there is a valid dispute as to which insurer is liable, each insurer agrees that if ultimately held liable for the loss, it will reimburse the City for all expenses necessarily incurred by the City to determine which insurer is liable. Reimbursement shall be made only if liability is actually established or compromi--d and then, if shared by more than one insurer, in the proport' that loss payment is made. Example of the need for this ment arise in attempting to fix responsibility in areal ich include the following: Explosion Losses - All Risk Property Cuverage v. Boiler ;Machinery; Crime Losses - Theft or Mysterious Disappearance v. Fidelity; Loading and Unloading Losses - General Liability v. Automobile Liability; Workmen's Compensation v. General and Automobile i.iability; ights and Obligations of the City Acceptance cr Rejection Tije City has as its objective the transfer of certain insurable risks to provide maximum protection at the lowest cost to extent that cost is determinable in advance. Realizing that when all fact,,rs are considered, lowest net premium and lowest true cost may or ma; be the same, the City reserves the prerogative of deciding which over.,: i plan or combinatic of plans, will in its opinion most economically meet its needs. 1. Workmen's Compensation may or may not be included as bidder chooses, but in any event Workmen's Compensation quotation must be separate and divisable. 2. The specifications set forth are what the City considers to be minimum coverage as to forms and a )unts. Alternate bids must clearly show the advantages to the City for acceptance of such alternate bid. A detailed explanation of broader or more limited features of the alternate bid must be attached. Alternate bids without such explanation will not be considered.