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HomeMy WebLinkAbout~Master - 2014/15 contract renewal for liability insurance RESOLUTION NO. 14-353 RESOLUTION APPROVING RENEWAL OF IOWA COMMUNITIES ASSURANCE POOL (ICAP) CASUALTY AND LIABILITY INSURANCE FOR THE CITY OF AMES,IOWA WHEREAS, the City's casualty and liability coverage insurance expires on June 30, 2014; and, WHEREAS, this coverage has been placed with the Iowa Communities Assurance Pool (ICAP)since 2004, and ICAP was established in 1986 under Iowa Code section 670.7 as a member owned and funded group insurance pool for Iowa public entities; and, WHEREAS, ICAP provides property and casualty coverage to 700 Iowa public entities, including 318 cities, 71 counties, 59 fair boards and over 250 other public entities; and, WHEREAS, the following City coverages are provided by ICAP: General (Third Party) Liability, Vehicle and Transit Bus Liability, Bookmobile Physical Damage, Public Officials Wrongful Acts, Police Professional Liability, and Employee Theft; and, WHEREAS, staff did not seek alternatives to this program this year; and, WHEREAS, membership in the ICAP pool is a long term commitment based on the fundamentals of rate stability,availability of coverage designed for the City's needs,and responsive, quality service in underwriting, loss control and claims; and, WHEREAS, ICAP continues to provide acceptable casualty and liability coverage for the City of Ames, and the City's membership in the pool has resulted in stable pricing, profit sharing credits, coverage improvements and good claims handling; and, WHEREAS, in 2011,when ICAP began offering$12.0 million in liability limits above the previous $6.0 million maximum,the City took advantage of this added protection provided to pool members for reasonable rates per million; and, WHEREAS, the increased membership and financial strength of the pool has enabled the offering of$15.0 million in maximum limits to members and, WHEREAS,this amount of protection against litigation claims potentially faced by the City is not unreasonable, and the cost for the additional $3.0 million is $2,745. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa, that the 2014/15 contract renewal with Iowa Communities Assurance Pool for casualty and liability insurance in the net amount of$474,639 for$15 million total limits is hereby approved. ADOPTED THIS 241h day of June, 2014. CAI�--L(Aa& /&-� 0 tfl. eaosor.� Diane R. Voss, City Clerk Ann H. Campbell, Mayor Introduced by: Nelson Seconded by: Corrieri Voting aye: Betcher, Corrieri, Gartin, Goodman,Nelson, Orazem Voting nay: None Absent: None Resolution declared adopted and signed by the Mayor this 24"day of June, 2014.