HomeMy WebLinkAbout~Master - Renewal of Liability Insurance coverage RESOLUTION NO. 12-355
RESOLUTION APPROVING RENEWAL OF
CASUALTY AND LIABILITY INSURANCE
FOR THE CITY OF AMES,IOWA
WHEREAS, the City's casualty and liability coverage insurance policy expires on June 30, 2012,
and this coverage has been placed with the Iowa Communities Assurance Pool(ICAP)since July 1,2004;
and,
WHEREAS, ICAP is a member-funded group insurance pool that provides property and casualty
coverage to nearly 640 Iowa public entities; 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 becomes eligible for an annual surplus distribution; and,
WHEREAS,with this renewal,the City of Ames will have seven years in ICAP's program, and in
late August or early September,the City will receive the third of three checks in the amount of$70,484.62,
which will be used to offset premium costs that are allocated to City departments; and,
WHEREAS, in addition,there is a member distribution redemption which is an amount that varies
depending on the amount of investment income earned by the pool during the prior policy year,and for the
2012/13 policy year, the City of Ames will receive $41,282.35 that will be credited against the premium
invoice; and,
WHEREAS,the following coverages are provided by ICAP: general liability,automobile liability,
automobile physical damage for bookmobile,transit(CyRide),public officials,law enforcement activities,
and fidelity bond; and,
WHEREAS, staff did not seek alternatives to this program this year, as the relationship with ICAP
continues to be solid, and we have been receiving quality claims and loss control services; and,
WHEREAS,the only major ICAP coverage change for this upcoming policy year is the elimination
of property coverage for the Ice Arena, which is being moved to the main property insurance program for
the City beginning on July 1.
NOW,THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,that the
2012/13 proposal from the Iowa Communities Assurance Pool in the net amount of$444,039.00 is hereby
approved.
ADOPTED THIS 26t1i day of June, 2012.
CA&W_'R' 06-
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Diane R. Voss, City Clerk Ann H. Campbell, Mayor
Introduced by: Davis
Seconded by: Szopinski
Voting aye: Davis, Goodman, Larson, Orazem, Szopinski, Wacha
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 26th day of June, 2012.