RESOLUTION 85-18291 RESOLUTION NO. 85-18291
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF
MIAMI BEACH, FLORIDA, AUTHORIZING THE ESTABLISHMENT
OF A SELF-INSURANCE FUND FOR THE PURPOSE OF PROVIDING
GENERAL AND AUTO LIABILITY FOR THE CITY OF MIAMI
BEACH, AUTHORIZING THE TRANSFER OF GENERAL FUND
MONIES CURRENTLY APPROPRIATED FOR THIS COVERAGE AND
AUTHORIZING THE APPROPRIATION OF SAID FUNDS FOR THE
PURPOSE OF CLAIMS PAYMENT, LEGAL FEES, AND
ADMINISTRATIVE COST FOR THE PROCESSING OF SAID CLAIMS
WHEREAS, the City of Miami Beach, has received a cancellation notice
effective December 29, 1985, through Adae & Hooper Insurance, Inc., for the City's
General and Auto Liability insurance coverage with Continental Insurance; and
WHEREAS, the City of Miami Beach has also received a quote through Adae &
Hooper Insurance, Inc., for renewal of said policy from Continental for half the coverage at
a 164% increase in premium; and
WHEREAS, the City of Miami Beach is in a period of severe budgetary
constraints and cannot afford such an increase in premium and reduction in coverage; and
WHEREAS, the City of Miami Beach Commission has made the decision to
establish a self-insurance program; and
WHEREAS, the City of Miami Beach is aware of the assumption of risk involved
in creating a self-insurance program until sufficient reserves are established to cover any
catastrophic loss.
NOW, THEREFORE, BE IT DULY RESOLVED BY THE CITY COMMISSION OF
THE CITY OF MIAMI BEACH, FLORIDA, that:
1. A self-insurance fund is hereby established in the City's official books and
records.
2. The Administration is hereby authorized to transfer the amount appropriated
for the premium payment on General and Auto Liability insurance coverage
into the newly established self-insurance fund.
3. Said funds are, hereby, appropriated for the purpose of the payment of
claims, the payment of legal fees which arise in the City's defense of claims,
and the administrative cost associated with the processing of claims.
PASSED and ADOPTED this 20th day of November , 1985.
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Attest:
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ORIGINAL
RESOLUTION NO. 85-18291
(Authorizing the establishment of a self-
insurance fund for the purpose of providing
general and auto liability for the City of
Miami Beach, authorizing the transfer of
General fund monies currently appropriated
for this coverage and authorizing the appro-
priation of said funds for the purpose of
claims payment, legal fees, and adinist-
rative cost for the processing of said
claims)