HomeMy WebLinkAbout~Master - Renewal of Excess Workers' Compensation Insurance RESOLUTION NO. 17-395
RESOLUTION APPROVING RENEWAL OF
EXCESS WORKERS' COMPENSATION INSURANCE
FOR THE CITY OF AMES
WHEREAS, the City began purchasing Excess Workers' Compensation Insurance coverage
brokered by Hohnes Murphy on July 1, 2010, to reduce the financial risk of catastrophic self-insured
workers' compensation claims; and,
WHEREAS, this coverage limits the City's financial exposure for self-insured workers'
compensation claims to a maximum dollar amount per individual claim; and,
WHEREAS, this coverage, which is provided by Midwest Employers Casualty Company
(MWECC) will expire on June 30, 2017, and MWECC provided a renewal quotation through
Hohnes Murphy for the same level of coverages; and,
WHEREAS, the cost is based on the City's estimated FY 2017/18 payroll times the insurer's
rate of$0.2478 per $100; together, the individual claim and aggregate layer coverages protect the
City against unlimited financial exposure for both large individual claims and catastrophic events
where there are multiple injuries; and,
WHEREAS, Midwest Employers Casualty Company continues to provide acceptable excess
workers' compensation insurance that limit catastrophic injury claims costs for the City of Ames.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that the quote from Holmes Murphy & Associates for coverage with Midwest Employers Casualty
Company with the same coverage types and limits, as expiring, at a renewal premium of$97,557 is
hereby approved.
ADOPTED THIS 271h day of June, 2017.
Iiad- A6.00 uv. ��,.
Diane R Voss, City Clerk Ann H. Campbell, Mayor
Introduced by: Beatty-Hansen
Seconded by: Betcher
Voting aye: Beatty-Hansen, Betcher, Corrieri, Gartin,Nelson, Orazem
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 27" day of June, 2017.