HomeMy WebLinkAbout~Master - Renewal of casualty and liability insurance coverages RESOLUTION NO. 06-231
RESOLUTION APPROVING RENEWAL OF
CASUALTY AND LIABILITY COVERAGES
FOR THE CITY OF AMES
WHEREAS, the policy for the City's liability coverages expires on July 1, 2006 and the
incumbent carrier is the Iowa Communities Assurance Pool (IAP); and,
WHEREAS, the City switched to the ICAP on July 1, 2004;
WHEREAS, the relationship continues to be an excellent one in all respects, and staff did
not seek any additional proposals for liability coverages this year; and,
WHEREAS, overall, the rates for FY 2006/07 are 5.5% from staffs budget estimates,
however, most of which is the result of an increase in excess insurance rates due to catastrophic
losses in the last year; and,
WHEREAS,as of July 1,2006,the City will have approximately$266,839 in its cumulative
reserve fund with ICAP.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that renewal of liability insurance coverages from Iowa Communities Assurance Pool in the amount
of$368,673 is hereby approved.
ADOPTED THIS 13t''day of June, 2006.
Diane R. Voss, City Clerk Ann H. Campbell, Mayor
Introduced by: Doll
Seconded by: Rice
Voting aye: Doll, Goodman, Popken, Rice
Voting nay: None Absent: Goodhue, Mahayni
Resolution declared adopted and signed by the Mayor this 13t'day of June, 2006.