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Home My WebLink About~Master - Excess Workers' Compensation Insurance RESOLUTION NO. 19-295 RESOLUTION APPROVING EXCESS WORKERS' COMPENSATION INSURANCE FOR THE CITY OF AMES,IOWA WHEREAS,the City is self-insured for Workers'Compensation insurance coverage;however,the City purchases Excess Workers' Compensation Insurance to reduce the financial risk of catastrophic self- insured worker's compensation claims; and, WHEREAS, since July 2010,the City's Excess Workers' Compensation Insurance coverage has been brokered by Holmes Murphy, and the current coverage, which is provided by Midwest Employers Casualty Company(MWECC),will expire on June 30,2019; and, WHEREAS,for both the expiring coverage and the quoted renewal coverage,the City pays 100% of each individual claim up to$500,000,and any expenses for a single claim in excess of this threshold are paid by the insurer; and, WHEREAS, an aggregate layer protects the City against costs for multiple large claims within a year, and this layer requires the insurer to pay for all costs in excess of$2,000,000 for the year; and, WHEREAS, Holmes Murphy obtained a renewal quotation from MWECC for the same level of coverages,and for FY 2019/20,the rate would be$0.2515/$100 of payroll for a total premium of$104,765; and, WHEREAS,the quoted rate for FY 2019/20 is an increase of approximately 1%;however,the total premium paid is affected by the City's estimated FY 2019/20 payroll, which is estimated to increase approximately 3% compared to FY 2018/19; and, WHEREAS, the FY 2019/20 Budget includes $107,000 for the purchase of excess Workers Compensation insurance coverage. NOW,THEREFORE,BE IT RESOLVED by the City Council of the City of Ames,Iowa,that the coverage for Excess Workers'Compensation Insurance provided by Midwest Employers Casualty Company, brokered by Holmes Murphy&Associates,in the amount of$104,765, is hereby approved. ADOPTED THIS 25th day of June 2019. " - )-R Diane R. Voss, City Clerk John A. Haila,Mayor Introduced by: Corrieri Seconded by: Gartin Voting aye: Beatty-Hansen,Betcher, Corrieri, Gartin,Martin,Nelson Voting nay: None Absent: None Resolution declared adopted and signed by the Mayor this 25th day of June,2019.