HomeMy WebLinkAbout~Master - Renewal of Excess Workers' Compensation Insurance RESOLUTION NO. 18-368
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 Holmes 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, 2018, and MWECC provided a renewal quotation through
Holmes Murphy for the same level of coverages; and,
WHEREAS, the cost is based on the City's estimated FY 2018/19 payroll; 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$100,693
is hereby approved.
ADOPTED THIS 26`h day of June, 2018.
Diane R. Voss, City Clerk John--7C. Haila, Mayor
Introduced by: Betcher
Seconded by: Beatty-Hansen
Voting aye: Beatty-Hansen, Betcher, Corrieri, Gartin, Martin, Nelson
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 26'day of June, 2018.