393.2000
RESOLUTION AUTHORIZING COOL INSURING AGENCY, INC.
TO CANCEL TOWN OF QUEENSBURY’S EXISTING INSURANCE
POLICIES WITH RELIANCE INSURANCE CO. AND PURCHASING
SIMILAR COVERAGES FROM ZURICH INSURANCE CO.
RESOLUTION NO.: 393, 2000
INTRODUCED BY: Mr. Tim Brewer
WHO MOVED ITS ADOPTION
SECONDED BY: Mr. James Martin
WHEREAS, Cool Insuring Agency, Inc. (Cool) is the Town of Queensbury’s general
insurance agent, and Confirm, Inc is retained as a risk management consultant, and
WHEREAS, Cool & Confirm have advised the Town Comptroller that Reliance Insurance
Company (Reliance), the Town’s current insurer of its liability and casualty risks, is deteriorating
financially and therefore recommends that Town cancel its policies coverage with Reliance before their
expiration and as soon as possible, and
WHEREAS, Cool solicited proposals from other insurance companies for coverage to be
virtually identical to the coverages currently being provided by Reliance, and
WHEREAS the proposal from Zurich American Insurance Company (Zurich) offers the most
cost competitive coverage with first year premiums totaling $202,893 as detailed in the proposal
submitted by Cool, for the same coverage as the Town has with Reliance except that deductibles on
automobile physical damage coverage will increase from $100 Comp/$500 Collision to
$500/Comp/$1,000 Collision, and
WHEREAS Zurich is rated A+ (Superior) by A.M. Best, and changing coverage from Reliance
to Zurich as quickly as possible is recommended by Cool and Confirm, and
WHEREAS, the Town Comptroller concurs with their recommendations and proposes that the
Town Board authorize Cool to cancel the Town’s insurance policies with Reliance and purchase
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similar insurance coverages with Zurich, such coverages to commence October 1, 2000 and continue
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through December 31, 2001,
NOW, THEREFORE, BE IT
RESOLVED, that the Queensbury Town Board hereby authorizes Cool Insuring Agency, Inc.
to cancel the Town of Queensbury’s existing insurance policies with Reliance Insurance Company and
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purchase similar insurance coverages with Zurich Insurance Company commencing October 1, 2000
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through December 31, 2001, with first year premiums of $202,893 (subject to audit), and to apply to
Reliance for refund of unearned premiums without penalty for early cancellation, and
BE IT FURTHER,
RESOLVED, that the Town Board further authorizes and directs the Town Comptroller
and/or Town Supervisor to execute any documentation and take any action necessary to effectuate the
terms of this Resolution.
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Duly adopted this 2 day of October, 2000, by the following vote:
AYES : Mr. Brewer, Mr. Martin, Mr. Turner, Mr. Stec, Mr. Brower
NOES : None
ABSENT: None