Laserfiche WebLink
ATTY/RESO.0044/CC RESO CITY MANAGER TO RENEW AN AGREEMENT WITH PUBLIC RISK INNOVATION SOLUTIONS, AND <br />MANAGEMENT <br />REV: 07-05-24 MI <br />Page 1 of 1 <br />RESOLUTION NO. 16232 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD <br />CITY AUTHORIZING THE CITY MANAGER TO RENEW AN AGREEMENT <br />WITH PUBLIC RISK INNOVATION SOLUTIONS, AND MANAGEMENT <br />EFFECTIVE FOR JULY 1, 2024, THROUGH JUNE 30, 2025, TO COVER <br />LOSSES THAT EXCEED $350,000 AND AUTHORIZING THE EXCESS <br />INSURANCE PREMIUM PAYMENT IN A TOTAL AMOUNT NOT TO EXCEED <br />$739,520 <br />WHEREAS, the City of Redwood City is self-insured for workers’ compensation; and <br />WHEREAS, the City of Redwood City has excess insurance coverage through Public <br />Risk Innovation, Solutions, and Management for claims that exceed costs over $350,000; <br />and <br />WHEREAS, the upcoming excess insurance policy agreement is for July 1, 2024, <br />through June 30, 2025; and <br />WHEREAS, the City of Redwood City’s FY 2024-25 estimated excess insurance <br />premium is estimated to be $739,520; and <br />WHEREAS, funding is included in the FY 2024-25 Adopted Budget in the Workers’ <br />Compensation Self-Insurance Fund. <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br />REDWOOD CITY, AS FOLLOWS: <br />1.The City Manager is authorized to renew the excess insurance agreement for <br />FY 2024-25 and to approve payment to Public Risk Innovation, Solutions, and Management <br />for insurance premium not to exceed $739,520. <br />2.This resolution shall be effective upon its date of adoption. <br />* * *