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HomeMy WebLinkAbout~Master - Renewal of Iowa Community Assurance Pool Membership to Procure Caualty and Liability Insurance Coverages RESOLUTION NO. 19-296 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, 2019; 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, the following City coverages are provided by ICAP: General (Third Parry) Liability,Vehicle and Transit Bus Liability,Bookmobile Physical Damage,Public Officials Wrongful Acts, Police Professional Liability, and Employee Theft(Bond); and, WHEREAS,City staff did not seek alternatives to this program this year due to its membership in the ICAP pool being 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 slight decrease from the quote for FY 2018/19; however,this decrease is offset by a smaller membership credit from ICAP for the renewal year;and, WHEREAS, the net increase is 1% 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 2019/20 budget includes funding in the amount of$635,548 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$510,499 for coverages in FY 2019/20 is hereby approved. ADOPTED THIS 25'day of June, 2019. c�L 44 1 Diane . Voss, City Clerk John aila, 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 25t' day of June, 2019.