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HomeMy WebLinkAboutCS 09/01 - REPORT TO COUNCIL FROM: Gillis A. Paterson Director, Corporate Services & Treasurer DATE: March 6,2001 REPORT NUMBER: CS 09-01 SUBJECT: Confirmation of Comprehensive Crime Insurance for 2001 RECOMMENDA nONS: It is recommended that Report CS 09-01 of the Director, Corporate Services & Treasurer be received and forwarded to Council for information. ORIGIN: Director, Corporate Services & Treasurer AUTHORITY: The Municipal Act, R.S.O. 1990, as amended, Section 92 - FINANCIAL IMPLICATIONS: The purchase of Comprehensive Crime Insurance is included in the City's Annual Current Budget. EXECUTIVE SUMMARY: Not applicable BACKGROUND: Section 92 of the Municipal Act, R.S.O. 1990, as amended, states in part: "( l) Every treasurer, deputy treasurer and collector and every other officer of the corporation, as the council may require,... shall give armua11y 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 council, at a meeting... 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. Report to Council CS 09-01 Date: March 6, 2001 Subject: Confirmation of Comprehensive Crime Insurance for 2001 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 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 c.G.D. Insurance Company of Canada, The Guarantee Company of North America and Lombard General Insurance Company of Canada for the period July 1, 2000 to July 1, 2001, inclusive at a premium of $5,145.00 plus PST of $411.60 for a total of $5,556.60. ATTACHMENTS: Not Applicable Prepared! Approved / Endorsed By: ~) ~/~~~ '--"'(}illis A. Paterson, Director, Corporate Services & Treasurer - GAP:vw Recommended for the consideration of Pickering City Council Thomas J. uinn, Chief Administrative Officer -