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 19-344    Name:
Type: Resolution Status: Passed
In control: President and Board of Trustees
On agenda: 11/18/2019 Final action: 11/18/2019
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 2020 in an Amount Not to Exceed $363,000.00
Attachments: 1. Insurance Purchase Resolution, 2. 2020 Master Premium Comparision, 3. Cyber Insurance - Frequently Asked Questions

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 for the Village of Oak Park for Fiscal Year 2020 in an Amount Not to Exceed $363,000.00                     

 

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, crime coverage and cyber liability for fiscal year 2020.

 

Body

Staff Recommendation

Adopt the Resolution.

 

Fiscal Impact

The total cost to purchase the insurance coverage for fiscal year 2020 is the not to exceed amount of $360,000, which amount is included in the 2020 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 2020 as they were in 2019 with an additional policy for cyber liability.  A frequently asked questions document is attached which provides information on cyber liability insurance.  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 2020 is the not to exceed amount of $363,000.  This amount includes the following premiums as solicited by the Village’s insurance broker, Alliant/Mesirow Insurance Services:  (1) public liability insurance - $148,610; (2) excess workers’ compensation insurance - $100,302; (3) property and casualty - $86,000; (4) crime coverage - $5,632; and (5) cyber liability - $12,746.26.  The premium total is $353,749.  Also included is a $9,251 contingency for excess workers’ compensation insurance payroll purposes, for a total not to exceed amount of $363,000 which is the amount budgeted for fiscal year 2020.

 

Alternatives

Not adopt the Resolution and seek alternate quotations.

 

Previous Board Action

Following a competitive solicitation for insurance broker services, on October 1, 2018 the Village Board authorized Alliant/Mesirow Financial Insurance Services to serve as the Village’s insurance broker for a three year term pursuant to a Professional Services Agreement.

 

Citizen Advisory Commission Action

N/A.

 

Anticipated Future Actions/Commitments

N/A.

 

Intergovernmental Cooperation Opportunities

N/A.

 

Performance Management (MAP) Alignment