Title
Resolution to Approve Insurance Policy Renewal Agreements with Midwest Employers Casualty Company for Excess Workers' Compensation Coverage and AGCS Marine Insurance Company for Auto Physical Damage Coverage Effective July 1, 2025
Memorandum
This resolution seeks City Council approval of insurance policy renewals for the following coverages effective July 1, 2025:
Excess Workers' Compensation Coverage through Midwest Employers Casualty Company. The proposal maintains the existing split self-insured retention (SIR) of $750,000.00 for police/fire class codes and $500,000.00 for all other classifications. The City will select the offered two-year term option, which holds the rate flat over the term, with a total premium of $228,100.00.
Auto Physical Damage Coverage through AGCS Marine Insurance Company. The proposal insures $25,111,639.00 in total vehicle values with a deductible of $25,000.00 per vehicle. The total premium, including terrorism coverage under TRIA, is $114,494.00.
City staff recommends approval of both insurance policy renewals as proposed.
Staff
Prepared by: Michael J. Pettigrew, City Treasurer
Reviewed by: Marti Praschan, Financial Services Area Administrator and CFO
Jennifer Richards, Senior Assistant City Attorney
Approved by: Milton Dohoney Jr., City Administrator
Body
Whereas, The City's insurance policies for Excess Workers' Compensation and Auto Physical Damage are up for renewal effective July 1, 2025;
Whereas, The City's insurance broker has obtained renewal proposals from Midwest Employers Casualty Company for Excess Workers' Compensation and from AGCS Marine Insurance Company for Auto Physical Damage coverage;
Whereas, The City will renew the Excess Workers' Compensation policy with Midwest Employers Casualty Company for a two-year term, maintaining the current split SIR levels of $750,000.00 for police/fire and $500,000.00 for all other classifications, with a total premium of $228,100.00;
Whereas, The prop...
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