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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 for the Village of Oak Park for Fiscal Year 2026 in an Amount Not to Exceed $934,810
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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 for fiscal year 2026.
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Recommended Action
It is recommended that the Village adopt the Resolution.
Prior Board Action
The Board has taken following previous actions:
* 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, 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 2026 as they were in 2025. 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 2026 is the not-to-exceed amount of $934,810. The final total premium cost for 2025 was $864,671, making this year's increase approximately 8%. This is an excellent result in a challenging insurance market.
This amount includes the following premiums as solicited by the Village's insurance broker, Alliant Insurance Services: (1) public liability insuran...
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