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. <br /> ��.EPORT <br /> To the Honorable Mayor and City Councii <br /> From the City Manager <br /> October 16, 2000 <br /> Subject <br /> APPROVE RENEWAL OF EXCESS WORKERS' COMPENSATION INSURANCE POLICY <br /> Recommendation <br /> It is recommended that the City Councii, by motion, approve the renewal of the City's excess workers' <br /> compensation insurance policy with Employers Reinsurance Corporation effective October 1, 2000. <br /> Background <br /> The City of Redwood City is a self-insured employer under the workers' compensation program. This <br /> means that whenever there is a workers' compensation injury, the City is self-insured for up to the <br /> first three hundred fifty thousand dollars ($350,000) of expenses relating to the injury. <br /> Whenever the costs of an injury exceed three hundred fifty thousand dollars ($350,000), the City is <br /> insured through its excess workers' compensation insurance policy for these expenses up to a <br /> maximum of five million ($5,000,000) per occurrence. Inclusive in this amount is one million dollar <br /> ($1,000,000) coverage for general employer liability. <br /> Jack Castle Insurance Agency, the broker of record for this policy, has made coverage comparisons <br /> with other carriers and has determined that the Employers Reinsurance Corporation continues to <br /> provide the best premium and coverage forms. The estimated annual premium is detailed below. <br /> Insurance Carrier Premium �Per $100 of pavroll) <br /> Employers Reinsurance Corporation $32,280.00 (.0824) <br /> The Employers Reinsurance Corporation current renewal rate (.0824) represents an increase of <br /> .0049 from last year's rate (.0775). <br /> FISCAL IMPACT: Funds for this purpose are available in the self-insurance trust fund budget. <br /> � � � � �� � <br /> '`� � , ��� �t%�����- ; <br /> �� ��� ��� <br /> MARIA RIVERA-PEIVA ED EVERETT <br /> Human Resources Director City Manager <br /> _ ._ _ _._.._ _ _____..__.�____...._._ _� <br /> .__ __ _ <br />