Report to Carson Reclamation Authority
Tuesday, June 06, 2017
Consent
SUBJECT:
Title
AUTHORIZE EXECUTIVE DIRECTOR TO APPROVE AND BIND COVERAGE ON A PUBLIC ENTITY LIABILITY POLICY FROM CHUBB COMPANIES USA, WRITTEN BY ACE AMERICAN INSURANCE COMPANY, PROCURED THROUGH JLT SPECIALTY INSURANCE SERVICES, INC. IN AN AGGREGATE LIMIT OF NO MORE $10,000,000 AND A PREMIUM AMOUNT NOT TO EXCEED $85,000 INCLUDING ANY APPLICABLE SURPLUS LINES TAXES
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I. SUMMARY
This action authorizes the CRA Executive Director to approve and bind a new Public Entity Liability Policy on behalf of the Carson Reclamation Authority offered by Chubb Companies USA, underwritten by ACE American Insurance Company. JLT recommended placing such a policy instead of a standard Directors and Officers Liability (D&O) policy to ensure that the public officials are adequately covered for their D&O exposure ? personal liability as well as Errors and Omissions exposure (E&O) and Employment Practices Liability (EPL) exposure.
II. RECOMMENDATION
Recommendation
TAKE the following action:
AUTHORIZE the Executive Director to bind coverage under the ACE American Insurance Company Public Entity Liability Policy on behalf of the CRA, procured from Chubb Companies USA through JLT Specialty Insurance Services, Inc., which has an aggregate limit of liability of no more than $10,000,000 and a premium amount not to exceed $85,000 including any applicable surplus lines taxes.
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III. ALTERNATIVES
TAKE another action deemed acceptable by the Authority Board.
IV. BACKGROUND
Attached is a proposal for coverage, quotes and the base policy form which includes coverage for a Public Entity Liability Policy (instead of standard D&O), Errors & Omissions (E&O), and Employment Practices Liability (EPL). This policy is a much broader D&O type coverage and tailored to CRA in its capacity as a quasi-governmental agency making development decisions on environmentally contaminated property, and includes both ...
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