HomeMy WebLinkAboutCS 03-02
04.3
REPORT TO COUNCIL
FROM:
Gillis A. Paterson
Director, Corporate Services & Treasurer
DATE: January 22,2002
REPORT NUMBER: CS 03-02
SUBJECT:
Confmnation of Comprehensive Crime Insurance for 2002
RECOMMENDATIONS:
It is recommended that Report CS 03-02 of the Director, Corporate Services & Treasurer be
received and forwarded to Council for infonnation.
ORIGIN:
Director, Corporate Services & Treasurer
AUTHORITY:
The Municipal Act, RS.O. 1990, as amended, Section 92
FINANCIAL IMPLICATIONS:
The purchase of Comprehensive Crime Insurance is included in the City's Annual Current
Budget.
EXECUTNE SUMMARY:
Not applicable
BACKGROUND:
Section 92 of the Municipal Act, RS.O. 1990, as amended, states in part:
"(1)
Every treasurer, deputy treasurer and collector and every other officer of
the corporation, as the council may require,... shall give annually such
security as the council directs for the faithful performance of such duties...
(2)
The security to be given shall be by the bond of an insurer...
(3)
It is the duty of the council, at a meeting held not later than the 15th day of
February in every year... to require the production before it of every bond,
policy or guarantee contract required under this section. "
Discussion:
All employees, elected officials, and Council appointees of the City of Pickering and the City of
Pickering Public Library are bonded to the extent of $2,000,000.00. This coverage includes
bond, burglary, monetary loss, money orders and depositors forgery.
n 4 /1 Report to Council CS 03-02
Date: January 22, 2002
Subject: Confirmation of Comprehensive Crime Insurance for 2002
Page 2
In addition, the Director, Corporate Services & Treasurer, Manager, Accounting Services, and
Manager, Financial Services, 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 ofthe 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, 2001 to July 1, 2002, inclusive at a premium
of$5,145.00 plus PST of$411.60 for a total of$5,556.60.
A TT ACHMENTS:
Not Applicable
Prepared By:
Approved / Endorsed By:
};~jJ)l .
Sarah Kibble,
Financial Analyst
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'--Gillis A. Paterson,
Director, Corporate Services & Treasurer
GAP:vw
Recommended for the consideration of Pickering
City Council
"