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HomeMy WebLinkAboutCS 05-04 CiÚf 0# REPORT TO EXECUTIVE COMMITTEE Report Number: CS 05-04 Date: March 26, 2004 From: Gillis A. Paterson Director, Corporate Services & Treasurer Subject: Confirmation of Comprehensive Crime Insurance for 2004 Recommendation: 1. .. It is recommended that Report C8 05-04 of the Director, Corporate Services & Treasurer be received and forwarded to Council for information. Executive Summary: Not applicable Financial Implications: The purchase of Comprehensive Crime Insurance is included in the City's Annual Current Budget. Background: Under the Municipal Act 8.0.2001, as amended, it is directed that the following information be reported to Council. Section 287 of the Municipal Act, S.O. 2001, as amended, states in part: "(1) Bonding requirement. - A municipality may require its treasurer, deputy treasurer and any other person designated by the municipality, as a condition of acting or continuing to act on behalf of the municipality, (a) to be bonded in the manner and to the extent designated by the municipality and (b) to provide the municipality with proof of the designated bonding at the times and in the manner the municipality requires. (2) Interpretation. - For the purposes oj subsection (1), a person is bonded if there exists a bond, policy or guarantee contract which protects the municipality in the manner and to the extent designated by the municipality if the person does not faithfully perform his or her duties. Report CS 05-04 Date: March 26, 2004 Comprehensive Crime Insurance for 2004 Page 2 (3) Proof of bonding. - The council of a municipality shall require proof of the designated bonding to be produced for all persons who are required to be bonded under this section, (a) at a council meeting at least once each calendar year; and (b) with respect to a person who is newly appointed, at the first council meeting following the appointment. (4) Costs. - The municipality shall pay the costs of the required bonding out of its general fund. (5) Other entities. - This section applies with necessary modifications to a local board and a board, body or local authority established or exercising any power or authority with respect to municipal affairs under any Act in unorganized territory, other than a school board ',' The policy covers all employees, elected officials and Council appointees of the City of Pickering and the Public Library Board to the limits indicated below. The coverage includes bond, burglary, monetary loss, money orders and depositors forgery. This bond insures the loss of money, securities and other property sustained through the fraudulent or dishonest acts of any of the City's employees, members of Council, Members of all Boards, Commissions and Committees appointed by and under the jurisdiction of Council. . Commercial blanket bond, including money orders, counterfeit paper, currency and depositors forgery - $2,000,000 limit . Broad form money and securities - $100,000 limit . Excess coverage on securities - $100,000 . Broad form money and securities insures the loss of monies and securities sustained by the City by the actual destruction, disappearance or wrongful abstraction thereof. In addition, the Director, Corporate Services & Treasurer, Manager, Accounting Services and Manager, Finance & Taxation, when acting with respect to any agency or board are bonded in the same amount and manner as when acting in the capacity of officers of the City of Pickering. This report confirms that the above mentioned coverage with a limit of $2,000,000.00 is currently in place with The Guarantee Company of North America and Lombard General Insurance Company of Canada for the period July 1, 2003 to July 1, 2004, inclusive at a premium of $5,145.00 plus PST of $411.60 for a total of $5,556.60. The terms, conditions and premiums are unchanged from 2003. Report CS 05-04 Date: March 26, 2004 Comprehensive Crime Insurance for 2004 Page 3 Attachments: Not applicable Prepared By: Approved I Endorsed By: ¡~ . ~( \ ~\~b 19-- Sarah Kibble Financial Analyst ---W!,c~- ~=-- -Gillis A. Paterson Director, Corporate Services & Treasurer GAP:sk Copy: Chief Administrative Officer Recommended for the consideration of Pickering City Council /- .1/ ~"