HomeMy WebLinkAbout~Master - Renewal of City Membership in Iowa Communities Assurance Pool RESOLUTION NO. 23-334
RESOLUTION ACCEPTING RENEWAL QUOTE OF THE CITY'S MEMBERSHIP IN
THE IOWA COMMUNITIES ASSURANCE POOL
FOR THE CITY OF AMES,IOWA
WHEREAS, the City's annual membership in the Iowa Community Assurances Pool
(ICAP) expires on June 30, 2023. The City has been a member of ICAP since July 1, 2004, and
secures its casualty and liability coverages through this membership. ICAP provides similar
protection to approximately 300 cities, 70 counties, 50 fair boards, and over 250 other public
entities. 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, Cyber Breach/Liability and Employee Theft(Bond);
and,
WHEREAS, 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 FY 2023/24 Total Invoice Cost of$748,025 is an increase of 8.3% from
the Total Invoice Cost for FY 2022/23. The FY 2023/24 Budget includes funding in the amount
of$776,501 for liability coverage, which is sufficient to cover the quoted cost of coverage with
ICAP.
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 cost not-to-exceed $748,025 for the coverages indicated above is hereby
approved.
ADOPTED THIS 131h day of June, 2023.
Renee kall, City Clerk John A. Haila, Mayor
Introduced by: Corrieri
Seconded by: Rollins
Voting aye: Beatty-Hansen, Betcher, Corrieri, Gartin, Rollins
Voting nay: None Absent: Junck
Resolution declared adopted and signed by the Mayor this 13th day of June, 2023.