HomeMy WebLinkAbout1981-06-16; City Council; 5924-1; Renewal of worker's compensation insuranceCITY OF CARLSBAD
,> --''.''AGENDA BILL NO.
; DATE: .';.;;-•; JUNE 16, 19.81
^DEPARTMENT:CITY MANAGER
Initial:
. Dept.Hd.
C Attv
C. Mgr.
Subject: RENEWAL OF EXCESS . WORKER' S •COMPENSATION .INSURANCE
^Statement of the Matter ;
.Current excess worker's compensation insurance for the City expires
on July 1, 1981. Presently, limits of 2 million dollars are purchased
subject to a $100,000 self-insured retention. The carrier is
Employer's Reinsurance Corporation with an annual deposit premium
of. $23,740. The actual premium paid may vary slightly depending on
'total annual payroll. .
The City;1 s insurance broker received quotes from two insurance
companies for $5 million dollars coverage with a $100,000 self-
insurance retention:
Company
Employer's Reinsurance Company
Safety Mutual Insurance Company
Premium
$18,008
$20,008
, The staff recommends that the City renew its excess worker's com-
pensation, insurance with the City's existing carrier, Employer's
'Reinsurance Company.
Fiscal Impact • ••• -•' . ; '-•'• . •". - - - " ' .
The City will realize a premium reduction of approximately. $5 , 000 over
last year's premium. Funds are available in the Worker's Compensation
Revolving Fund to pay $18 ,008' premium.
Exhibit ; ;•- . • .
1'. .Resolution No'.
. Recommendat ion
Approve Resolution No.Lt £~f (ft authorizing renewal of, excess
worker's compensation insurance in accordance with staff recom-
mendations.
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RESOLUTION NO.6586
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF CARLSBAD, CALIFORNIA AUTHORIZING RENEWAL
'OF THE CITY'S EXCESS WORKER'S COMPENSATION
INSURANCE.
WHEREAS, the City has established a self-insurance program '
for worker's compensation; and
WHEREAS, the City's insurance broker has received quotes for
excess worker's compensation insurance; and
WHEREAS, upon evaluation of the quotes for excess insurance,
the City desires to renew its insurance.
NOW, THEREFORE BE IT REVOLVED by the City Council of Carlsbad,.
California as follows: '
1. That the above recitations are true and correct.
2. That the City Manager is hereby authorized to
enter into an agreement for the renewal of the
City's excess worker's compensation insurance with
Employer's Reinsurance Company.
PASSED,, APPROVED AND ADOPTED at a regular meeting of the
City Council on the 16th ^ay °f Jimp 1981
by the following vote, to wit:
AYES: Council Members Packard, Casler, Anear, Lewis and Kulchin
NOES: None .., • - _ ' -
ABSENT: None • -
RONALD C. PACKARD, Mayor
ATTEST:
ALBfliA L. RAUTENKRANZ, City Clerk
KAREN R. STEVENS, Deputy City Clerk
(SEAL)