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Home My WebLink About~Master - Excess Workers' Compensation Insurance RESOLUTION NO. 22-346 RESOLUTION APPROVING EXCESS WORKERS' COMPENSATION INSURANCE FOR THE CITY OF AMES,IOWA WHEREAS,the City of Ames began purchasing Excess Workers' Compensation Insurance coverage brokered by Holmes Murphy on June 1, 2010,to reduce the financial risk of catastrophic self-insured worker's compensation claims; and, WHEREAS, the coverage limits the City's financial exposure for self-insured worker's compensation claims (including Police and Firefighter Chapter 411 injury disability claims) to a maximum dollar amount per individual claim; and, WHEREAS,beginning with the FY 2014/15 coverage,this also includes an added layer of aggregate protection for multiple large claims exceeding a specified amount; and, WHEREAS, this coverage, which is provided by Midwest Employers Casualty Company (MWECC), will expire on June 30, 2022, and MWECC provided a renewal quotation through Holmes Murphy; and, WHEREAS,the City's current policy includes a per-claim threshold of$500,000;this year, MWECC is requiring that the per-claim threshold be raised to$750,000,and the per-claim threshold is the amount of individual claim must exceed before the excess insurance provides coverage; and, WHEREAS,Holmes Murphyreceived a quote from the incumbent carrier(MWECC)as well as Safety National; and, WHEREAS,MWECC had quoted a premium of$135,175,which is a 11%increase over the current coverage; and, WHEREAS, the City's budget for FY 2022/23 includes $133,761 in funding for this coverage; and, WHEREAS, the budget and quoted costs are based on the City's estimated FY 2022/23 payroll and the actual amount billed will be based on reconciliation audits reflecting the City's actual employment numbers across various employee classifications throughout the year. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa, that the quote for Excess Workers' Compensation Insurance provided by Midwest Employers Casualty Company,brokered by Holmes Murphy&Associates,in the amount of$135,175,is hereby approved. ADOPTED THIS 28`' day of June, 2022. Diane R. Voss, City Clerk John A. Haila, Mayor Introduced by: Betcher Seconded by: Gartin Voting aye: Beatty-Hansen, Betcher, Corrieri, Gartin, Junck, Rollins Voting nay: None Absent: None Resolution declared adopted and signed by the Mayor this 28t'day of June, 2022.