HomeMy WebLinkAbout~Master - Renewal of Iowa Community Assurance Pool Membership for Casualty and Liability Insurance RESOLUTION NO. 18-369
RESOLUTION APPROVING RENEWAL OF IOWA COMMUNITY ASSURANCE
POOL MEMBERSHIP TO PROCURE
CASUALTY AND LIABILITY INSURANCE COVERAGES
FOR THE CITY OF AMES
WHEREAS,the City's annual membership in the Iowa Community Assurances Pool(ICAP)
expires on June 30, 2018; the City has been a member of ICAP 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 is a member-owned and funded group
insurance pool for Iowa public entities; and,
WHEREAS,City staff did not seek alternatives to this program this year;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 (underwriting, loss control, and
claims handling); and,
WHEREAS, the quote for coverage is a .078% increase over the quote for FY 2017/18;
however, this increase is largely offset by a larger membership credit from ICAP for the renewal
year; and,
WHEREAS, the net increase is 1.13% over the invoice amount for FY 2017/18, and the
membership credit varies each year and is based on the size and financial condition of the pool,
including such factors as loss experience and investment income; and,
WHEREAS,the FY 2018/19 budget includes funding in the amount of$629,465 for liability
coverage.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that the quote for renewal of the City's membership in the Iowa Communities Assurance Pool
(ICAP), with the net cost of$505,543 for coverages in FY 2018/19 is hereby approved.
ADOPTED THIS 26`'' day of June, 2018.
Diane R. Voss, City Clerk John . 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 26t'day of June, 2018.