The Gardena City Council is seeking a state Department of Insurance permit to establish its own insurance company and solicit other local governments to become its partners in the venture. The nonprofit company would initially provide liability insurance for Gardena and at least four other cities or governmental entities, but the city hopes eventually to provide insurance for homes and automobiles as well. Each of the member governments would have to put up $10 million to cover possible losses. Endorsing the idea as feasible, a consultant told the council that the up-front money could be raised by issuing bonds that would be retired as member governments pay insurance premiums each year. The actual incorporation of the company is about a year away, City Manager Ken Landau said.