HomeMy Public PortalAboutr 95:221No. q5-221 "' Date of Adoptlon June 15~ 1995
RESOLUTION AUTHORIZING SETTLEMENT
WHEREAS, the Scottsdale Insurance Company issued a Public Officials Liability
policy to the Borough ofCarteret CCarteret") for the period January 1, 1992 through
January 1, 1993, Policy No. POS 330086 ("Public Officials Policy"); and
WHEREAS, the aggregate limits available to Carteret under said policy are
$1,000,000; and
WHEREAS, various claims have been made against Carteret which are, or may be
covered under said policy; and
WHEREAS, Carteret has already authorized Scottsdale Insurance Company to pay
and Scottsdale Insurance Company has already paid Interstate Waste Technologies,
Inc. $750,000 under said Public Officials Policy; and
WHEREAS, there are currently the following unresolved claims under the Public
Officials Policy:
CLAIM NO. CLAIMANT
1. 198368 DeMarino
2. 238101 Waters/Perez
3. 240109 Materazzo
4~ 248015 P.B.A.
5. 260697 Perez
WHEREAS, the attorneys hired to defend Carteret in the DeMarino case have
advised that it is in the best interest of Carteret that this case be settled; and
WHEREAS, the case can be settled for a total of $185,000, of which Scottsdale
Insurance Company will make a contribution toward that settlement on behalf of the
Borough of Carteret in the amount of $92,500 and the balance will be paid by the
general liability carrier for Carteret; and
WHEREAS, the Public Officials Policy requires Carteret to consent to any
settlement under said policy; and
NO. 95-221 PAGE_ 2
WHEREAS, Carteret is aware that the payment to De Marino in this case will
reduce the coverage available under the Public Officials Policy for all other claims to
$157,500; and
WHEREAS, Carteret believes it is in its best interest to authorize settlement of the
DeMarino matter in the manner described herein.
NOW, THEREFORE, BE IT RESOLVED by the Mayor and Council of the
Borough of Carteret that Scottsdale Insurance Company is hereby authorized to settle
the matter of DeMarino v. the Borough of Carteret for a total sum of $185,000,
and Scottsdale Insurance Company is authorized to pay $92,500 toward that
settlement.
Adopted this 15th day of June, 1995
and certified as a true copy of the
original on June 16, 1995.
KATHLEEN M. BARNEY,
Municipal Clerk
SUSAN E. JACKLIN,
Assistant Municipal Clerk
RECORD OF COUNCIL VOTE
COUNCILMAN YES NO NV A.B. COUNCILMAN YES NO NV A.B.
BIAIIY../~Rt"211K X Si~Igl~ZA X
FEINCa~ n X STIGLIC X
O 'ltgIb"~ X ZII~BA X
X - Indicate Vote AB - Absent NV - Not Voting XOR - Indicates Vote to Overrule Veto
Adopted at a meeting of the Municipal Council
June 15 ~ 1995