Title
Approval for the Mayor and/or City Administrator to sign a renewal contract for excess workers' compensation coverage with Midwest Employers Casualty Company in the amount of $87,750.60 for the period of July 1, 2009 to June 30, 2010.
Presented by Diane Whitfield, Director of Human Resources
Body
Item Summary:
The City of Roswell is self insured for workers' compensation claims. However, "stop loss" excess insurance is carried to limit the City's financial exposure in the event of a workers' compensation catastrophic loss or multiple large losses. An RFP was issued by the third party administrator, AmTrust/Covenant, to the major insurance carriers in the excess coverage marketplace. Bids from Midwest Employers Casualty Company and Midlands Management Corporation were received and evaluated on the basis of service, price and like coverage.
Midwest Employers Casualty Company submitted the most responsive, responsible proposal. The City's current excess coverage is with Midwest Employers Casualty Company with a $500,000 deductible for all personnel with an aggregate limit of $1,000,000. The current premium is $90,131.28. The renewal premium is $87,750.60 annually with the deductible remaining at $500,000 per occurrence for all personnel. The $1,000,000 aggregate limit remains the same.
Committee or Staff Recommendation:
Staff recommends approval. Time constraints did not allow time for this item to go to Committee.
Financial Impact:
The cost of this coverage has been requested in the FY 2010 Proposed Budget for the Workers Comp Fund.
Presented by:
Wendy Ademy, Risk Management
Diane Whitfield, Human Resources/Risk Management