HomeMy WebLinkAbout1996-07-09; City Council; 13725; RENEWAL OF EXCESS WORKERS' COMPENSATION INSURANCEOF CARLSBAD - AG
RENEWAL, OF EXCESS WORKERS'
COMPENSATION INSURANCE
c&-p-ifi Approval of Resolution No. 1 authorizing the renewal of Excess Workers' Compensation Insurance
coverage in accordance with staffs recommendation at a premium deposit of $27,303.
ITEM EXPLANATION
The current Excess Workers' Compensation Insurance Policy expired on June 30, 1996. Coverage has
been continued pendmg Council action on the current proposal. This policy provides for loss coverage
which exceeds the City's self-insured retention level.
CalSurance, the City's insurance broker, has obtained a renewal quote from the City's incumbent carrier,
Employers Reinsurance Corporation. The renewal premium is $27,303, more than 16% less than last
year's premiUm of $32,737.
The reduced premium reflects increased competition among workers' compensation insurance carriers.
All other terms and conditions of coverage are unchanged.
FISCAL IMPACT
The recommended renewal quotation is $27,303. The City's SIR would remain at $300,000 for each
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RESOLUTION NO. 9 6 - 2 4 0
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD, CALIFORNIA, 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 City 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 $27,303. '
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PASSED, APPROVED AND ADOPTED at a Regular Meeting of the City Council
of the City of Carlsbad on the 9th day of JULY 1996, by the following vote, to wit:
AYES: Council Members Lewis, Nygaard, Kulchin, Finnila, Hall
NOES: None
ABSENT: None
ATTEST:
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