Agenda - Council - 09/27/1988 - Laserfiche WebLink

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III. Insurance underwriter with which Insurance is to be placed. ,,CLIENT" understands that "A" shall act in the dual capacity of Risk Management Advisor and Insurance Agent. It is further agreed that the total compensation of "A" as provided in Article IV hereof, shall not be affected by such dual capacity. Services "A" agrees to perform during the period of this agreement, in a competent and professional manner, the following services for the anticipated or maximum compensation specified in Article IV of this agreement. Ex osure Surve : Establish a procedure for evaluating all exposures to insurable losses which are involved in the operations of ,'CLIENT" and provide an exposure list, updated annually. Particular attention shall be paid to those exposures that could result in a catastrophic loss. Work with "CLIENTS" staff and advisors to explore alternative means of dealing with loss exposures, such as an elimination or reduction of risk, complete or partial reduction of risk through deductibles or self-insurance schemes, and alternative insurance underwriters and rating plans which minimize the present, after-tax value of cash outflow. S eci~lcations Work with ,,CLIENT'S" staff and advisors to draft coverage specifications for insurance as shall be purchased by ,,CLIENT". Assist in annually filing the statement of insurable values. Ce Quotes and Recommendations:. Obtain proposals and quotes from qualified underwriters on a net of commission basis if available, for improving Insurance coverage, and work with the "CLIENT'S" staff and advisors to study and impartially evaluate all Insurance proposals received, in terms of the coverage provided, financial standing and services of the Underwriter and ultimate net cost to ,'CLIENT", and provide an Insurance policy inventory and summary, updated annually. 14