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Page 1 of 3 <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org <br />STAFF REPORT <br />To the Honorable Mayor and City Council <br />From the City Manager <br />DATE: July 27, 2026 <br />SUBJECT <br />Excess insurance policy renewal and annual premium payment to Public Risk Innovation, Solutions, and <br />Management (PRISM) for the City’s Workers’ Compensation Program <br />SUMMARY <br />The City is a self-insured employer for purposes of workers’ compensation and is responsible for paying <br />workers’ compensation claim costs up to the designated self-insurance retention (SIR) level of $350,000 <br />per injury. Renewal of the agreement will ensure the City maintains excess workers’ compensation <br />coverage for claim costs exceeding the City’s $350,000 SIR level, thereby ensuring continuity of coverage <br />for Fiscal Year 2026–27. <br />RECOMMENDATION <br />Adopt a resolution authorizing the City Manager to renew an agreement with Public Risk Innovation, <br />Solutions, and Management effective July 1, 2026, through June 30, 2027, to cover losses that exceed <br />$350,000 and authorize the excess insurance premium payment in a total not to exceed $1,200,000. <br />STRATEGIC PLAN GUIDING PRINCIPLE <br />Excellence in Government Operations <br />BACKGROUND <br />The City has been a self-insured employer for purposes of workers’ compensation since 1976 and is <br />responsible for paying workers’ compensation claim costs up to the designated self-insurance retention <br />(SIR) level of $350,000 per injury. The City has excess insurance coverage through PRISM if a workers’ <br />compensation claim exceeds the City’s self-insured retention threshold of $350,000. <br />7.E. - Page 1 of 4 <br />306