HomeMy WebLinkAbout~Master - Membership renewal in ICAP RESOLUTION NO. 15-321
RESOLUTION APPROVING RENEWAL OF MEMBERSHIP WITH IOWA
COMMUNITIES ASSURANCE POOL
FOR THE CITY OF AMES,IOWA
WHEREAS,the City's annual membership in the Iowa Communities Assurance Pool(ICAP)
expires on June 30,2015,and the City has been a member since July 1,2004,and secures its casualty
and liability coverages through this membership; and,
WHEREAS, ICAP provides similar protection to approximately 300 cities, 70 counties, 50
fair boards and over 250 other public entities, 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, 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 (Bond); and,
WHEREAS, staff did not seek alternatives to this program this year,and membership in the
ICAP pool is a long-term commitment based on the fundamentals of rate stability, availability of
coverages meeting the City's needs, and the quality of services from underwriting, loss control and
claims; and,
WHEREAS,the City was recently notified by the ICAP Board of Directors that it has again
declared member credits based on the size and financial condition of the pool,including such factors
as loss experience and investment income; and,
WHEREAS, the amount of the credit distributed to the City of Ames this year is $92,725.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that renewal of membership in the Iowa Communities Assurance Pool with the net cost of$474,552
for aforementioned coverages is hereby approved.
ADOPTED THIS 26th day of May, 2015.
-1 a& A.
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 26th day of May, 2015.