Resolution to Approve Excess Workers' Compensation Coverage and Third Party Administration Services Agreement through Accident Fund Insurance Company of America ($158,828.00)
The resolution before you is to approve excess workers' compensation coverage and third party administration services through the Accident Fund Insurance Company of America in the amount of $158,829.00. One half of the funding for this policy is available in the FY 2010 approved budget for Financial Services in the Risk Fund. The remainder will be included in the FY2011 budget for Financial Services in the Risk Fund.
This resolution approves a renewal of our existing policy and third party administration services at an increase of 2.45% over FY 2009. This type of coverage will cap our exposure to $350,000 per occurrence with an aggregate maximum of $1,125,000.00. Accident Fund provided a two-year option which retained our annual aggregate maximum and held prices equal in the second year. Therefore, it is our recommendation that the two-year option be accepted. Accident Fund received Human Rights approval on October 7, 2009 and complies with the provisions of the Living Wage ordinance.
Passage of this resolution is recommended.
Prepared by: Matthew V. Horning, Treasurer
Reviewed by: Robyn Wilkerson, HR and Labor Relations Director
Whereas, The City must secure adequate insurance for potential workers' compensation claims;
Whereas, Accident Fund Insurance Company of America provided an acceptable proposal for continuation of services at a reasonable cost; and
Whereas, Accident Fund received Human Rights approval on October 7, 2009, and its employees will receive compensation in accordance with the City’s Living Wage Ordinance;
RESOLVED, That City Council approve an excess workers' compensation policy and related third party administrator services agreement with the Accident Fund Insurance Company of America in the amount of $72,195.00 in Fiscal ...Click here for full text