HomeMy WebLinkAbout~Master - Renewal of contract for casualty and liability insurance coverages RESOLUTION NO. 11-332
RESOLUTION APPROVING RENEWAL OF CONTRACT FOR CASUALTY
AND LIABILITY INSURANCE COVERAGES
FOR FY 2011/12
FOR THE CITY OF AMES
WHEREAS, the policy for the City's liability coverage expires on June 30, 2011, and the
coverage has been in place with the Iowa Communities Assurance Pool(ICAP) since July 1, 2004;
and,
WHEREAS, every ICAP member has equity that increases through the first six years of
membership,at which point the member is 100%vested and become eligible for surplus distribution;
and,
WHEREAS, with this year's renewal, the city of Ames will have six years in ICAP's
program and will hereafter become eligible for any future surplus distribution; and,
WHEREAS, in addition to the equity return, there is a member distribution redemption,
which is an amount that varies depending on the amount of investment income earned during the
prior policy year; and,
WHEREAS, for the City of Ames, for the 2011/12 policy year, that amount is $32,763.90,
which will be deducted from the total premium.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that renewal of casualty and liability insurance coverages in the amount of$452,942 with a $12
million coverage limit with the Iowa Communities Assurance Pool is hereby approved.
ADOPTED THIS 28`h day of June, 2011.
. V
Diane R. Voss, City Clerk Ann H. Campbell, Mayor
Introduced by: Davis
Seconded by: Goodman
Voting aye: Davis, Goodman, Mahayni, Larson, Orazem, Wacha
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 28'day of June, 2011.