Submitted By
Paul L. Stephanides, Village Attorney
Reviewed By
A.M. Zayyad
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 2023 in an Amount Not to Exceed $707,139
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 the fiscal year 2023.
Body
Staff Recommendation
Adopt the Resolution.
Fiscal Impact
The total cost to purchase the insurance coverage for the fiscal year 2023 is the not-to-exceed amount of $707,139 which is to be paid from the 2023 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 2023 as they were in 2022. 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 2023 is the not-to-exceed amount of $707,139. This amount includes the following premiums as solicited by the Village's insurance broker, Alliant/Mesirow Insurance Services: (1) public liability insurance - $374,013; (2) excess workers' compensation insurance - $132,482; (3) property and casualty - $111,960; (4) crime coverage - $5,790; and (5) cyber liability - $34,353. Premiums have increased in 2023 over 2022 premiums for excess liability, property, workers' compensation, and cyb...
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