Torrance : Insurance Policies OKd
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The City Council approved insurance policies for additional workers compensation and for fire and property losses.
The city renewed its policy with General Reinsurance Co. for up to $5 million of additional workers compensation coverage. The annual premium will be $83,000, with a $500,000 deductible. The previous premium was $32,000.
Zurich Insurance Co. will provide fire and property coverage on city-owned buildings and personal property for an annual premium of $49,685, with deductibles of $50,000 for all losses except $10,000 for electronic data processing, $1,000 for traffic signal losses and $100 for valuable papers.
Kathy Keane, assistant to the city manager, said the city will save about $20,000 over last year’s premium payment by switching to Zurich from Fireman’s Fund Insurance Co.
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