AgdaPkt 2005-06-13 - Laserfiche WebLink

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~ /A-,Z; The following is a summary of the coverage provided through CPEIA: COVERAGE PROVIDED BY: CSAC Excess Insurance Authority, reinsured by Renaissance Reinsurance limited, and DaVinci Reinsurance limited (may change upon renewal) COVERAGE TERM: LIMITS OF LIABILITY: $5,000,000 July 1, 2005 to July 1, 2006 CPEIA Pool laver Workers' Compensation and Employers liability each occurrence, inclusive of SIR $95,000,000 Reinsured Laver Workers' Compensation each occurrence excess of $5,000,000 Pooled Retention. These limits apply per occurrence for all program members combined. There is a $10,000,000 sublimit for terrorism. limits are eroded by allocated claims expense. SELF INSURED RETENTION: $350,000 per occurrence Aside from the economic benefits of joining CPEIA, this firm has a long standing relationship with hundreds of agencies and brings plenty of experience working with municipalities such as Redwood City. Additionally, CPEIA offers economic incentives not provided by other vendors; including reimbursements for costs and charges associated with annual claims audits, cost sharing to a maximum of $2,000 for periodic actuarial reports and safety and prevention classroom training offered at no cost or at $25.00 per class. Staff recommends entering into an agreement with CPEIA effective July 1, 2005 such that there is no lapse in coverage and we maintain the current SIR of 350K. The Board of Directors of CPEIA will be meeting this month to approve a Memorandum of Coverage for 2005-2006 which will be applicable to all workers' compensation excess insurance program participants. At such time as a copy of said approved Memorandum of Coverage is received, a copy will be filed with the City Clerk. A copy of the 2004- 2005 Memorandum of Coverage has been filed with the City Clerk for reference purposes only. No changes to the Memorandum of Coverage are anticipated. Alternatives Alternatives were reviewed at the April 11, 2005 Council meeting. Staff will re-evaluate the program at the completion of the one-year minimum commitment period. Fiscal impact The California Public Entity Insurance Authority Excess Insurance Deposit premium is estimated not to exceed $300,000 this amount has been budgeted in the FY 04-06 budget.