Title
Consideration to sign an annual renewal contract for excess workers' compensation coverage with Midwest Employers Casualty Company in the amount of $84,667
Body
Item Summary:
This is an annual renewal contract for excess workers’ compensation coverage with Midwest Employers Casualty Company in the amount of $84,667 and represents a reduction in annual premium of $855.23. The contract period is July 1, 2010 to June 30, 2011. This line of coverage is bidded every two years.
The City of Roswell is self insured for workers’ compensation claims. However, “stop loss” excess insurance is carried to cover the City in the event of a catastrophic loss or multiple large losses during the coverage period. The City’s excess coverage with Midwest has a $500,000 per occurrence deductible and an aggregate retention of $1,883,962. Aggregate retention liability has been reduced from current year retention of $2,045,406.
Committee or Staff Recommendation:
Financial Impact:
The amount of the request is within budget constraints.
Presented by:
Wendy Ademy, Risk Manager
Diane Whitfield, HR Director