HomeMy WebLinkAbout1997-07-08; City Council; 14253; RENEWAL OF EXCESS WORKERS' COMPENSATION INSURANCE..
COMPENSATION INSURANCE
RECOMMENDED ACTION;
Approval of Resolution No."')' 97 authorizing the renewal of Excess Workers' Compensation
Insurance coverage in accordance with staffs recommendation at a premium deposit of $24,429.
ITEM EXPLANATION
The current Excess Workers' Compensation Insurance Policy expired on June 30, 1997. 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 $24,429, more than 10% less
than last year's premium of $27,303.
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 $24,429. The City's SIR would remain at $300,000 for each
Resolution No. 91- 527
Summary of Excess Workers' Compensation Insurance Quotations
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e 0 Exhibit 1
RESOLUTIONNO. 97-527
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF CARLSBAD, CALIFORNIA, AUTHOIUZING
RENEWAL OF THE CITY'S EXCESS WORKERS'
COMPENSATION MSURANCE
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. That the above recitations are true and correct.
2. 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 $24,429.
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PASSED, APPROVED AND ADOPTED at a Regular Meeting of the City
Council of the City of Carlsbad on the 8th day of July 1997, by the following vote, to wit:
AYES: Council Members Lewis, Finnila, Nygaard, Kulchin, and Hall
NOES: None
ABSENT: None
ATTEST:
2. p-y
ALETHA L. RAU$ENKRANZ, City Clerk
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