HomeMy WebLinkAbout1999-07-06; City Council; 15287; Renew Excess Workers Compensation BenefitsRECOMMENDED ACTION:
Approval of Resolution No. qq* 133 authorizing the renewal of Excess Workers’
Compensation Insurance coverage in accordance with staffs recommendation at a premium
deposit of $19,627.
ITEM EXPLANATION:
The current excess Workers’ Compensation Insurance Policy expired on June 30,1999.
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 $19,627,
1.4% less than last year’s premium of $19,907.
The reduced premium reflects continued competition among workers’ compensation
insurance carriers. All other terms and conditions of coverage are unchanged.
FISCAL IMPACT:
The recommended renewal quotation for one year is $19,627. The City’s Self Insurance
Retention (SIR) would remain at $300,000 for each claim.
EXHIBITS: . . I
1. Resolution No. 99-237
2. Summary of Excess Workers’ Compensation Insurance Quotations
1 RESOLUTION NO. 99-237
2 A RESOLUTION OF THE CITY COUNCIL OF THE
3 CITY OF CARLSBAD, CALIFORNIA, AUTHORIZING
RENEWAL OF THE CITY’S EXCESS WORKERS’
4 COMPENSATION INSURANCE.
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6 WHEREAS, the City has established a self-insurance program for workers’
compensation; and I
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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 review 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.
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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
$19,627.
PASSED, APPROVED, AND ADOPTED at a Regular Meeting of the City
Council of the City of Carlsbad on the 6 th day of July 1999, by the following
vote, to wit:
AYES: Council Members Lewis, Nygaard, Finnila, Hall & Kulchin
NOES: None
ABSENT: None
ATTEST:
@&s -#?.
ALETHA L. RAUT
SEAL
Exhibit 2
B s E 2
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