Title
Resolution to Approve May 20, 2021 Recommendations of the Board of Insurance Administration for Insurance Renewal Agreements with Midwest Employers' Casualty, CompOne Administrators, and Allianz
Memorandum
This resolution requests City Council approval of insurance renewal agreements with Midwest Employers' Casualty, Comp One Administrators, and Allianz as recommended by the Board of Insurance Administration at its meeting on May 20, 2021, which was held for the purpose of determining pending claims against the City, conducting other business and making recommendations to City Council.
The Board of Insurance Administration recommends the following:
* Approval of a two-year term renewal agreement for a worker's compensation insurance policy with Midwest Employers' Casualty. Midwest has provided a competitive two-year term renewal quote which maintains a $500,000 self-insured retention ("SIR") for classifications other than police and fire. The SIR for police and fire employees will increase to $650,000 per incident due to claims experience throughout the marketplace and the increase in social unrest seen across the country. The estimated amount of the annual premium is $87,509.00 and is subject to an annual audit.
* Approval of a three-year term renewal agreement for worker's compensation claims services with CompOne Administrators. The service fees are charged on a per claim basis according to a fee schedule. The estimated annual fee is $32,555.00 and is subject to an annual claim audit.
* Approval of a one-year term renewal agreement for an automobile physical damage insurance policy with Allianz. This policy renewal represents a seven percent (7%) increase from the expiring policy. A standalone policy is necessary as the property insurance markets no longer include automobile physical damage coverage. Quotes were requested from a number of carriers who could not match the coverages or premium in this renewal. The estimated amount of the annual premium...
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