Submitted By
Paul L. Stephanides, Village Attorney
Reviewed By
Ahmad M. Zayyad, Deputy Village Manager / Interim Director of Development Customer Services
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 2024 in an Amount Not to Exceed $743,052
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 2024.
Body
Staff Recommendation
Adopt the Resolution.
Fiscal Impact
The total cost to purchase the insurance coverage for the fiscal year 2024 is the not-to-exceed amount of $743,052 which is to be paid from the 2024 Self Insured Retention Fund budget.
DEI Impact
N/A
Background
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 2024 as they were in 2023. 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 2024 is the not-to-exceed amount of $743,052. The final total premium cost for 2023 was $697,830, making this year's increase approximately 6%. This amount includes the following premiums as solicited by the Village's insurance broker, Alliant/Mesirow Insurance Services: (1) public liability insurance - $453,889; (2) excess workers' compensation insurance - $142,200; (3) property and casualty - $1...
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