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Page 2 of 3 <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org <br />Additionally, the City pays an annual insurance policy premium to PRISM. Every March, PRISM provides <br />the City with an insurance renewal premium estimate. The City’s FY 2026–27 estimate is $1,200,000. This <br />report is requesting authorization for the City Manager to renew the agreement with PRISM and approve <br />excess insurance premium payment for FY 2026-27 to PRISM in an amount not to exceed $1,200,000. <br />ANALYSIS <br />The City is required to renew the excess insurance policy agreement on an annual basis. The City is insured <br />through PRISM and the current agreement will expire on June 30, 2026. PRISM estimates that the City’s <br />policy premium for FY 2026-27 to be $1,200,000. <br />Staff is recommending renewing the agreement with PRISM effective July 1, 2026, through June 30, 2027, <br />to avoid a lapse in coverage and to ensure that the City maintains the current self-insured retention (SIR) <br />level of $350,000 for FY 2026-27. <br />Staff plan to conduct a Request for Proposals process in FY 2026-27 to seek proposals for excess insurance <br />carriers. <br />EQUITY IMPACT STATEMENT <br />All City actions are assessed for impact. Because this item is on the consent calendar, this section indicates <br />assessment process, not findings. The anticipated impact of this policy, program, or action has been <br />assessed in the following way: <br />Reviewed from similar or relevant past program or policy in Redwood City <br />FISCAL IMPACT <br />Funding for this excess insurance annual premium is included in the FY 2026-27 Approved Budget in the <br />Workers’ Compensation Self-Insurance Fund, which is funded from contributions from the General Fund <br />and all other funds which pay for employee-related costs such as water and sewer utility funds and capital <br />improvement program funds. No additional budget appropriation is required. <br />ENVIRONMENTAL REVIEW <br />This activity is not a project under the California Environmental Quality Act (CEQA) as defined in CEQA <br />Guidelines, section 15378, because it has no potential for resulting in either a direct or reasonably <br />foreseeable indirect physical change in the environment. <br />7.E. - Page 2 of 4 <br />307