REQUEST FOR CITY COUNCIL AND
CORONA UTILITY AUTHORITY ACTION
DATE: 07/03/2024
TO: Honorable Mayor and City Council Members
Honorable President and Board
FROM: Legal and Risk Management
SUBJECT:
Title
CITY LIABILITY, PROPERTY, AND WORKERS' COMPENSATION INSURANCE POLICIES FOR FISCAL YEAR 2025
End
EXECUTIVE SUMMARY:
This staff report asks the City Council to approve the renewal of the City's insurance policies. Each year, the City purchases at least eight insurance policies/programs to help mitigate the more common risks associated with the operation of the municipal organization. Alliant Insurance Services is the City's broker of record and works with Legal & Risk Management staff for more than ten months each year to market and obtain the most effective coverage for the City, considering what is reasonably available at our designated risk tolerances, and at the most competitive prices possible. The recommended actions below will allow for such purchases to be completed utilizing Alliant's extensive marketing efforts and professional advice.
RECOMMENDED ACTION:
Recommended action
That the City Council:
a. General Liability. Authorize the renewal of the City's excess general liability insurance policy through the Public Risk Innovation, Solutions, and Management JPA for Fiscal Year 2025, with an estimated maximum premium amount of up to $2,185,000, coverage of $25M per occurrence, and an increase in our self-insured retention from $500,000 to $1M per occurrence.
b. Workers' Compensation. Authorize the renewal of the City's excess workers' compensation insurance policy through the Public Risk Innovation, Solutions and Management JPA for Fiscal Year 2025, with an estimated maximum premium amount of up to $539,749. Coverage is equal to the statutory requirements for workers' compensation and $5M per occurrence for employer's liability, and an SIR of $1M per occurrence. The premium is based on estimated payroll and is subject to adjustment bas...
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