Res 90-082RESOLUTION NO. 90-082
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF POWAY, CALIFORNIA
REVISING STANDARDS
FOR REVIEWING INSURANCE AND SURETY BONDS
WHEREAS, the City requires contractors, builders, subdividers,
and other persons doing business with the City to obtain various
types of insurance or bonds; and
WHEREAS, it is necessary to ensure that the insurance and
surety companies selected by those persons meet certain financial
and performance standards.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City
of Poway, California as follows:
1. That the above recitations are true and correct.
2. That except as expressly provided by law or bid
specifications to the contrary, insurance or surety companies
securing or insuring any obligation or risk of which the City is
a beneficiary or an additional insured shall meet the following
minimum standards:
a. Authorization to conduct the business of insurance,
of a type required by the transaction, in the State of California
as evidenced by listing by the State Insurance Commissioner. For
liability insurance, the City may accept a surplus line carrier
provided the City is provided with a copy of a surplus line carrier
affidavit.
b. A rating in the latest available "Best's Rating
Guide" of "A" or better and a financial size of $10 million
(currently Class V) or better.
Resolution No. 90-082
Page 2
c. If a company is not listed by the State Insurance
Commissioner, is not rated by Best's, or does not possess suf-
ficient years of experience to be rated, or if the small size of
the insurance or surety obligation or other risk factors justify a
lesser standard, the City Attorney or the City Manager may approve
such company only if it produces satisfactory evidence that its
financial responsibility and performance capability within the
State of California is sufficient to insure or secure adequately
the subject risk or obligation.
PASSED, ADOPTED AND APPROVED, by the City Council of the
City of Poway, California, at a regular meeting thereof this 17th
day of April, 1990.
ATTEST:
Marjor~K. Wahlsten, City Clerk
STATE OF CALIFORNIA )
)
COUNTY OF SAN DIEGO )
SS.
Don Higgins~
AYES:
NOES:
ABSTAIN:
ABSENT:
NONE
NONE
NONE
Wahlsten, City Clerk
City ~f~oway
I, Marjorie K. Wahlsten, City Clerk of the City of Poway, do
hereby certify under penalty of perjury that the foregoing
Resolution, No. 90- 082 , was duly adopted by the City Council at
a meeting of said City Council held on the 17th day of April, 1990,
and that it was so adopted by the following vote:
BRANNON, EMERY, GOLDSMITH, KRUSE, HIGGINSON