File #: ID 2016-387    Version: 1 Name:
Type: Resolution Status: Passed
File created: 6/8/2016 In control: Regular City Commission Meeting
On agenda: 7/13/2016 Final action: 7/13/2016
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.
Attachments: 1. RESOLUTION, 2. BACKGROUND 1, 3. BACKGROUND 2

 

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.

Body

 

 

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