HomeMy WebLinkAbout1995-07-11; City Council; 13237; RENEWAL OF EXCESS WORKERS' COMPENSATION INSURANCERENEWAL OF EXCESS WORKERS’ t
MTG. COMPENSATION INSURANCE 7/11/95
RECOMMENDED ACTION.
Approval of Resolution No. 9s - 1?8authorizing the renewal of Excess Workers’
Compensation Insurance coverage in accordance with staffs recommendation at a premium
deposit of $32,737.
ITEM EXPLANATION
The current Excess Workers’ Compensation Insurance Policy expired on June 30, 1995.
Coverage has been continued pending Council action on the current proposal. This policy
provides for loss coverage which exceeds the City’s self-insured retention level.
Cal Surance, the City’s insurance broker, has obtained a renewal quote from the City’s
incumbent carrier, Employers Reinsurance Corporation. The renewal premium is $32,737,
more than 13% less than last year’s premium of $37,671.
The reduced premium reflects increased competition among workers’ compensation insurana
carriers and a State mandated reduction in workers compensation rates. All other terms and
conditions of coverage are unchanged.
FISCAL IMPACT
The recommended renewal quotation is $32,737. The City’s SIR would remain at $300,000
for each claim.
Resolution No. 9 5 - I ? 8
Summary of Excess Workers’ Compensation Insurance Renewal Proposal 2.
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RESOLUTIONNO. 95-198
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF CARLSBAD, CAIJFORNIA,
AUTHORIZING RENEWAL OF THE CITY’S
EXCESS WORKERS’ COMPENSATION
INSURANCE
WHEREAS, the City has established a self-insurance program for workers
compensation; and
WHEREAS, the City’s Insurance Broker has received a renewal quotation
for Excess Workers’ Compensation Insurance coverage; and
WHEREAS, upon evaluation of this quotation for excess insurance, the C
desires to renew its insurance.
NOW, THEREFORE, BE IT RESOLVED by the City Council of
Carlsbad, California, as follows:
1.
2.
That the above recitations are true and correct.
That the renewal of the City’s Excess Workers’ Compensation
Insurance coverage with Employers Reinsurance is hereby approved and the Finance
Director is authorized to issue a warrant for the deposit premium of said renewal in the
amount of $32,737.
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PASSED, APPROVED AND ADOPTED at a Regular Meeting of the Cii
Council of the City of Carlsbad on the 11th day of JULY
vote, to wit:
1995, by the following
Ak"Es:
NOES: None
ABSENT: Council Member Nygaard
Council Members Lewis, Kulchin, Finnila, Hall
A'TTEST:
ALETHAL.
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City of Carlsbad
Excess Workers’ Compensation Renewal Proposal
July 1,1995 to July 1,1996
VH SJ l77(2) 2