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, and Crime Coverage for the Village of Oak Park for Fiscal Year 2019 in an Amount Not to Exceed $330,000.00
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 insurance, excess workers' compensation insurance, property insurance and crime coverage for fiscal year 2019.
Body
Staff Recommendation
Adopt the Resolution.
Fiscal Impact
The total cost to purchase the insurance coverage for fiscal year 2019 is the not to exceed amount of $330,000, which amount is included in the 2019 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 and deductibles for the Village's insurance remain the same in 2019 as they were in 2018. 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 2019 is the not to exceed amount of $330,000. This amount includes the following premiums as solicited by the Village's insurance broker, Alliant/Mesirow Insurance Services: (1) public liability insurance - $148,531; (2) excess workers' compensation insurance - $88,579; (3) property and casualty - $79,222; and (4) crime coverage - $5,632. The premium total is $321,964. Also included is a $8,036 contingency for excess workers' compensation insurance payroll purposes, for a total not to exceed amount of $330,000 which is the...
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