HomeMy WebLinkAbout~Master - Renewal of Iowa Community Assurance Pool Membership to Procure Casualty and Liability Insurance Coverages RESOLUTION NO.21-307
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 30,2021;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 Party) Liability,
Vehicle and Transit Bus Liability, Bookmobile Physical Damage, Public Officials Wrongful Acts, Police
Professional Liability,and Employee Theft(Bond); and,
WHEREAS,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 2020/21; and,
WHEREAS,significantly this year,ICAP is not offering a membership credit,as provided in the past,
due to the increasing claims against the ICAP pool in the past year,which have depleted funds available to
provide the credit; and,
WHEREAS,the loss of the member credit leads to an overall increase in the net premium; and,
WHEREAS,the net increase is 16%over the invoice amount for FY 2020/21;and,
WHEREAS, the ICAP Board has consistently issued a credit each year since the City has been a
member; however, it is not included in the Risk Management Budget since the issuance of the credit is not
guaranteed and the amount can vary from year to year; and,
WHEREAS,the FY 2021/22 budget includes funding in the amount of$659,940 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
$586,539 for coverages in FY 2021/22 is hereby approved.
ADOPTED THIS 8t'day of June,2021.
emC� U
Diane R. Voss,City Clerk John A.Haila,Mayor
Introduced by: Corrieri
Seconded by: Betcher
Voting aye: Beatty-Hansen,Betcher,Corrieri,Gartin,Junck,Martin
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 8t"day of June,2021.