TO: Mayor and City Commission
FROM: Douglas E. Smith, City Manager
DATE: July 13, 2016
Title
APPROVING AN AWARD OF AGREEMENT WITH PREFERRED GOVERNMENTAL INSURANCE TRUST (“PGIT”) FOR EXCESS WORKERS COMPENSATION POLICY; PROVIDING FOR NEGOTIATION OF TERMS; PROVIDING FOR EXECUTION.
BACKGROUND: As a self-insured agency for Workers Compensation Insurance, the City has increased exposure due to general rising healthcare costs and the number of statutory compensable illnesses and injuries predicted. The Human Resources Department recommends purchasing excess workers compensation insurance for any new claim that exceeds a threshold of $350,000. This will reduce the overall liability for payment of medical and indemnity claims that exceed this threshold over the life of the claim.
RECOMMENDATION: For approval.
FISCAL IMPACT: $193,156 (501-0810-590.45-29)
CONTACT PERSON: Jacqueline Wehmeyer, Human Resources Director