Resolution of the City of Jersey City, N.J.

City Clerk File No. Res. 09-902Agenda No.1O.Z.5Approved: OCT 2 8 2009TITLE:RESOLUTION AUTHORIZING THE EXECUTION OF A SETTLEMENTAGREEMENT AN RELEASE WITH THE GULF INSURCE COMPANY ANTHE TRAVELERS INDEMNITY COMPANWHEREAS, the City of Jersey City (City) maintans that Travelers Indemnity Company (Travelers)and Gulf Insurance Company (Gulf) issued varous liability insurance policies to the City underwhich the City claims to be entitled to coverage; andWHEREAS, certin claims including but not limited to environmental claims have been and/or mayin the future be brought against the City for which the City has sought, is seeking, or may hereinafterseek insurance coverage under the policies; andWHEREAS, Travelers and Gulf deny that they have any obligation to defend or indemnify the Cityunder the policies with regard to claims; andWHEREAS, a dispute has arsen among the City and Gulf and Travelers concerning the availabilityto the City of insurance coverage for claims; andWHEREAS, the paries believe that it is in their mutual interest to reach an amicable resolution with.respect to past, present or futue disputes relating to Gulf and the Travelers obligations to the Cityunder the policies; andWHEREAS, Gulf and Travelers agree to pay the City the sum of $195,OOO.00 as a settlementamount; andWHEREAS, upon payment of the settlement amount the City agrees that Gulf and Travelers shallhave no fuher obligations to the City under the policies.NOW, THEREFORE BE IT RESOLVED, by the Muncipal Council ofthe City of Jersey Citythat the Mayor or Business Adminstrator is authorized to execute the Settlement Agreement andRelease attched hereto with Travelers Indemnty Company and Gulf Insurance Company.RRlcw~¿()og 24APPRPVED ~ ~ ~E~ORM-Corporation CounselCertification Required 0Not Required oAPPROVED '1-0RECORO OF COUNCIL VOTE ON FINAL PASSAGE 10/28 09COUNCILPERSON AYE NAY N.V. COUNCILPERSON AYE NAY N.V. COUNCILPERSON AYE NAY N.V.SOnOLANO J GAlJGHAN 7 RRFNNAN /DONNELLY rI FULOP .I , FLOOO v'LOPEZ 01 RICHARDSON ,/ VEGA v',/ Indicates VoteA~,d at meeting of th~iPal Council of the City of Jersey City, N.J.'- ¿: I¡ l:/\Peter M. Brennan. President of Council~:" ~.:N.V.-Not Votig (Abstain)