HomeMy WebLinkAboutCS 02-03
REPORT TO FINANCE &
OPERATIONS COMMITTEE
Report Number: CS 02-03
Date: February 6, 2003
From:
Gillis A. Paterson
Director, Corporate Services & Treasurer
Subject:
Confirmation of Comprehensive Crime Insurance for 2003
Recommendation:
1.
It is recommended that Report CS 02-03 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 S.D. 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 of 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 02-03
Date: February 6, 2003
Comprehensive Crime Insurance for 2003
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 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 Cities 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, 2002 to July 1, 2003,
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 2002.
Report CS 02-03
Date: February 6, 2003
Comprehensive Crime Insurance for 2003
Page 3
Attach ments:
Not applicable
Prepared By:
Approved I Endorsed By:
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Sarah Kibble
Financial Analyst
----/~~~
Gillis A. Paterson
Director, Corporate Services & Treasurer
GAP:sk
Copy: Chief Administrative Officer
Recommended for the consideration of
Pickering City Council