HomeMy WebLinkAbout~Master - Renewal of casualty and liability insurance coverages RESOLUTION NO. 08-216
RESOLUTION APPROVING RENEWAL OF
CASUALTY AND LIABILITY INSURANCE COVERAGES
FOR THE CITY OF AMES
WHEREAS,the policy for the City's liability coverage expires on July 1,2008,and has been
placed with the Iowa Communities Assurance Pool (ICAP) since July 1, 2004; and,
WHEREAS, with this renewal, the City will have four years in ICAP's program; and,
WHEREAS, coverages that are part of the program provided by ICAP include general
liability,automobile liability,transit,public officials,law enforcement activities,and excess liability;
and,
WHEREAS, staff did not seek alternatives to this program, as the relationship with ICAP
continues to be a good one; and,
WHEREAS, the renewal quotation costs by area of coverage are as follows:
General Liability $ 143,258
Auto 58,237
Transit 89,419
Public Officials 28,568
Law Enforcement 23,430
Excess 55,863
$ 398,775
WHEREAS,at the end of 2008/09 fiscal year,the City will have$622,631 in its cumulative
reserve fund, it fully vests in July 2010, and we will be eligible for membership rebates.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that the renewal of the contract with the Iowa Communities Assurance Pool for renewal of casualty
and liability insurance coverages in the amount of$398,775 is hereby approved.
ADOPTED THIS 1 Oth day of June, 2008.
Diane R. Voss, City Clerk Ann H. Campbell, Mayor
Introduced by: Popken
Seconded by: Goodman
Voting aye: Doll, Goodman, Larson, Mahayni, Popken, Rice
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 10'day of June, 2008.