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ATTY/ RESO.0049/CC RESO AUTHORIZE PUBLIC RISK INNOVATION, SOLUTIONS, AND MANAGEMENT (PRISM) AGREEMENT RENEWAL <br />REV: 07-16-26 ET <br />Page 1 of 1 <br />RESOLUTION NO. 16429 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD <br />CITY AUTHORIZING THE CITY MANAGER TO RENEW AN <br />AGREEMENT WITH PUBLIC RISK INNOVATION SOLUTIONS, AND <br />MANAGEMENT EFFECTIVE FOR JULY 1, 2026, THROUGH JUNE 30, <br />2027, TO COVER LOSSES THAT EXCEED $350,000 AND <br />AUTHORIZING THE EXCESS INSURANCE PREMIUM PAYMENT IN A <br />TOTAL AMOUNT NOT TO EXCEED $1,200,000 <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 <br />Public Risk Innovation, Solutions, and Management for claims that exceed costs over <br />$350,000; and <br />WHEREAS, the upcoming excess insurance policy agreement is for July 1, 2026, <br />through June 30, 2027; and <br />WHEREAS, the City of Redwood City’s FY 2026-27 estimated excess insurance <br />premium is estimated to be $1,200,000; and <br />WHEREAS, funding is included in the FY 2026-27 Approved Budget in the <br />Workers’ Compensation Self-Insurance Fund. <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY <br />OF REDWOOD CITY, AS FOLLOWS: <br />1 The City Manager is authorized to renew the excess insurance agreement <br />for FY 2026-27 and to approve payment to Public Risk Innovation, Solutions, and <br />Management for insurance premium not to exceed $1,200,000. <br />2 This resolution shall be effective upon its date of adoption. <br />* * *