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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. •' 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 22 23 24 25 26 27 28 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)