REQUEST FOR CITY COUNCIL AND
CORONA UTILITY AUTHORITY ACTION
DATE: 06/16/2021
TO: Honorable Mayor and City Council Members
Honorable President and Board
FROM: Legal & Risk Management
SUBJECT:
Title
City Council and Corona Utility Authority consideration and approval of City Liability, Property and Workers' Compensation Insurance Policies for fiscal year 2022.
End
EXECUTIVE SUMMARY:
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 (LRM) staff for more than 10 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:
a. City Council authorize the renewal of the City's excess general liability insurance policy through the Public Risk Innovation, Solutions, and Management ("PRISM") JPA for Fiscal Year ("FY") 2022, with an estimated maximum premium amount of up to $977,000, coverage of $25,000,000 per occurrence, and maintenance of our self-insured retention ("SIR") at $500,000 per occurrence.
b. City Council authorize the renewal of the City's excess workers' compensation insurance policy through the PRISM for FY 2022, with an estimated maximum premium amount of up to $295,000. Coverage is equal to the statutory requirements for workers' compensation and $5,000,000 per occurrence for employer's liability, and an SIR of $1,000,000 per occurrence. The premium is based on estimated payroll and is subject to adjustment based on actual payroll.
c. City Council authorize the renewal of the Ci...
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