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A Resolution Authorizing the Purchase of Excess Public Entity Liability Insurance, Excess Workers’ Compensation Insurance, Property Insurance, Crime Coverage, and Cyber Liability Coverage for the Village of Oak Park for Fiscal Year 2027 in an Amount Not to Exceed $998,888
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Introduction
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The Resolution authorizes the purchase of excess insurance for amounts over the Village’s self-insured retention amounts for coverage for public entity liability insurance, excess workers’ compensation insurance, property insurance, crime coverage, and cyber liability coverage for fiscal year 2027.
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Recommended Action
Adopt the Resolution
Prior Board Action
The Board has taken the following previous actions:
RES 25-326: Approved Purchase of Similar Insurance Policies through Broker for FY 2026
RES 24-303: Approved Purchase of Similar Insurance Policies through Broker for FY 2025
RES 23-375: Approved Purchase of Similar Insurance Policies through Broker for FY 2024
RES 22-321: Approved Purchase of Similar Insurance Policies through Broker for FY 2023
Background
This is a core service priority. The Village has been self-insured for liability, workers’ compensation, property claims, and crime coverage since 1977 up to the Village’s retention amounts. The Village supplements its self-insurance program by purchasing insurance for amounts above its retention for these categories. The coverage amounts and deductibles for the Village’s insurance remain the same in 2027 as they were in 2026. In 2015, the Village decreased its self-insurance retention amount for liability coverage from $2,000,000 to $750,000.
The total premium cost for 2027 is the not-to-exceed amount of $998,888. The final total premium cost for 2026 was $934,810, making this year’s increase approximately 6.85%. This is an excellent result in a challenging insurance market.
This amount includes the following premiums as solicited by the Village’s insurance br...
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