Submitted By
Tony Fioretti, Assistant Village Attorney
Reviewed By
A.M. Zayyad, Deputy Village Manager
Agenda Item Title
Title
A Resolution Authorizing the Purchase of Excess Public Entity Liability Insurance, Excess Workers' Compensation Insurance, Property Insurance, Crime Coverage, and Cyber Liability for the Village of Oak Park for Fiscal Year 2025 in an Amount Not to Exceed $864,671
End
Overview
Overview
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 for fiscal year 2025.
End
Recommendation
Recommendation
It is recommended that the Village adopt the Resolution.
Background
This is a core service priority. The Village has been self-insured for liability, workers' compensation, and 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 2025 as they were in 2024. 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 2025 is the not-to-exceed amount of $864,671. The final total premium cost for 2024 was $743,052, making this year's increase approximately 16%. This amount includes the following premiums as solicited by the Village's insurance broker, Alliant/Mesirow Insurance Services: (1) public liability insurance - $311,722; (2) excess workers' compensation insurance - $155,301; (3) property and casualty - $126,920; (4) crime coverage - $5,772; and (5) cyber liability - $16,761. Premiums have increased for 2025 over 2024 premiums for excess liability, property, and workers' compensation due to ove...
Click here for full text