85-18291 Reso~~
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RESOL~JTION NO. 85-18291
A RESOLUTION OF~ THE CITY COMMISSION OF THE CITY OF
MIAMI BEACH, FLORIDA, AUTHORIZING THE ESTABLISHMENT
OF A SELF-INSURA CE FUND FOR THE PURPOSE OF PROVIDING
GENERAL AND A TO LIABILITY FOR THE CITY OF MIAMI
BEACH, AUTHORIZ NG THE TRANSFER OF GENERAL FUND
MONIES CURRENTL APPROPRIATED FOR THIS COVERAGE AND
AUTHORIZING THE APPROPRIATION OF SAID FUNDS FOR THE
PURPOSE OF C AIMS PAYMENT, LEGAL FEES, AND
ADMINISTRATNE C ST FOR THE PROCESSING OF SAID CLAIMS
WHEREAS, the Cit of Miami .Beach, has received -a cancellation notice
effective December 29, 1985, hrough Adae & - Hooper Insurance,- Inc., for the City's
General and Auto Liability insur nce coverage with Continental Insurance; and
WHEREAS, the City~of Miami Beach has also received a quote through Adae &
Hooper Insurance, Inc., for rene al of said policy from Continental for half the coverage at
a 164% increase in premium; and
WHEREAS, the Cit)r of Miami Beach is in a period of severe budgetary
constraints and cannot afford su~h an increase in premium and reduction in coverage; and
WHEREAS, the Cit)~of Miami Beach Commission has made the decision to
establish aself-insurance oroera ~ :and
WHEREAS, the Cityof Miami Beach is aware of the assumption of risk involved
in creating aself-insurance program until sufficient reserves are established to cover any
catastrophic loss. 1
NOW, THEREFORE, BE IT DULY RESOLVED BY THE CITY COMMISSION OF
THE CITY OF MIAMI BEACH, ORIDA, that:
1. Aself-insurance fund ~s hereby established in the City's official books and
records.
2. The Administration is Hereby authorized to transfer the amount appropriated
for the premium paym nt on General and Auto Liability insurance coverage
into the newly establish dself-insurance fund.
3. Said funds are, hereb ,appropriated for the purpose of the payment of
claims, the payment of egal fees which arise in the City's defense of claims,
and the administrative ost associated with the processing of claims.
PASSED and ADOPTED
Attest:
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RWP:CBT:jh
20th day of November , 1985.
ayor
LEGAL aEPT.
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