Regular Village Board meetings are typically held at 7:00 p.m., the first three Tuesdays of each month in Council Chambers of Village Hall (room 201), 123 Madison St. When a Regular Meeting falls on a holiday, the meeting typically is held the following night. The Village Board also meets in special sessions from time to time. However, dates and times of Special Meetings can vary and may change.

File #: RES 16-395    Name:
Type: Resolution Status: Passed
In control: President and Board of Trustees
On agenda: 12/5/2016 Final action: 12/5/2016
Title: A Resolution Authorizing the Purchase of Excess Public Entity Liability Insurance, Excess Workers' Compensation Insurance, Property Insurance, Crime Coverage and Cyber Liability Insurance for the Village of Oak Park for Fiscal Year 2017 in an Amount Not to Exceed $320,000.00
Attachments: 1. Insurance Purchase Resolution, 2. 2017 Renewal Spreadsheet

Submitted By                     

Paul L. Stephanides, Village Attorney                                          

 

Reviewed By

LKS

 

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 Insurance for the Village of Oak Park for Fiscal Year 2017 in an Amount Not to Exceed $320,000.00                     

 

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, workers’ compensation, crime coverage, property insurance and cyber liability for fiscal year 2017.

 

Body

Staff Recommendation

Adopt the Resolution.

 

Fiscal Impact

The total cost to purchase the insurance coverage for fiscal year 2017 is the not to exceed amount of $320,000.00, which amount is included in the 2017 Self Insured Retention Fund budget.

 

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, deductibles and carriers for the Village’s excess insurance remain the same in 2016 as they were in 2015.  In 2015, the Village decreased its self-insuranced retention amount for liability coverage from $2,000,000 to $750,000. 

 

The total premium cost for 2017 is the not to exceed amount of $320,000.  This amount includes the following premiums as solicited by the Village’s insurance broker, Mesirow Financial Insurance Services:  (1) public liability insurance - $129,625; (2) excess workers’ compensation insurance - $75,538.00 and a contingency of $5,000 for such insurance for a total of $80,538; (3) property and casualty - $92,909; and (4) crime coverage - $5,441.  In addition, the Village solicited a quotation for cyber liability insurance for $1,000,000.00 per claim/aggregate coverage for a premium of $10,521 and the not to exceed amount will allow the Village to purchase this coverage at a later date.  The total premiums amount is $319,034.00.

 

Alternatives

Not adopt the Resolution and seek alternate quotations.

 

Previous Board Action

Following a competitive solicitation for insurance broker services, the Village chose Mesirow Financial Insurance Services as its broker in December 2014.

 

Citizen Advisory Commission Action

N/A.

 

Anticipated Future Actions/Commitments

N/A.

 

Intergovernmental Cooperation Opportunities

N/A.

 

Performance Management (MAP) Alignment

The Law Department does not yet participate in the MAP Program.