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ICRMA JPA Renewal / Broker Agreement / Associated Premiums and Costs
<br />August 1, 2023
<br />Page 3
<br />QUOTED & ESTIMATED PREMIUMS & FEES
<br />WORKERS' COMPENSATION COVERAGES
<br />FY 2021/22
<br />FY 2022/23
<br />FY 2023/24
<br />Excess Pool Workers' Compensation
<br />Program
<br />$
<br />298,553
<br />$
<br />345,678
<br />$
<br />415,464
<br />Excess Workers' Compensation
<br />Buffer
<br />$
<br />240,118
<br />$
<br />257,356
<br />$
<br />264,085
<br />Total
<br />$
<br />538,671
<br />$
<br />603,034
<br />$
<br />679,549
<br />Percent Change
<br />-7%
<br />12%
<br />13%
<br />LIABILITY AND PROPERTY COVERAGES
<br />FY 2021/22
<br />FY 2022/23
<br />FY 2023/24
<br />Excess Pool Liability Program
<br />$
<br />3,936,181
<br />$
<br />5,123,142
<br />$
<br />6,070,925
<br />Auto Physical Damage Program
<br />$
<br />119,215
<br />$
<br />129,488
<br />$
<br />145,108
<br />Property & Equipment Program
<br />$
<br />472,724
<br />$
<br />485,380
<br />$
<br />593,557
<br />Crime Program
<br />$
<br />11,914
<br />$
<br />14,233
<br />$
<br />15,394
<br />Cyber Program
<br />$
<br />66,441
<br />$
<br />111,964
<br />$
<br />100,445
<br />Excess Liability Buffer
<br />$
<br />993,265
<br />$
<br />1,233,321
<br />$
<br />1,743,398
<br />DIC Earth Movement & Flood
<br />$
<br />985,856
<br />$
<br />1,126,819
<br />$
<br />1,283,147
<br />Terrorism
<br />$
<br />12,330
<br />$
<br />13,164
<br />$
<br />13,723
<br />Underground Storage Tanks -
<br />Environmental
<br />$
<br />10,157
<br />$
<br />11,112
<br />$
<br />12,761
<br />Total
<br />$
<br />6,608,083
<br />$
<br />8,248,623
<br />$
<br />9,978,458
<br />Percent Change
<br />69%
<br />25%
<br />21 %
<br />FY 2021/22
<br />FY 2022/23
<br />FY 2023/24
<br />City Special Events Insurance
<br />$
<br />300,000
<br />State of California DIR
<br />$
<br />500,000
<br />Total
<br />$
<br />11,458,007
<br />ENVIRONMENTAL IMPACT
<br />There is no environmental impact associated with this action.
<br />FISCAL IMPACT
<br />The recommended action includes appropriating $1.3 million of the General Liability
<br />fund balance. The following table compares the most recent actuarial valuation for
<br />claims liability to the estimated fund balances in the Workers Compensation and
<br />General Liability funds. Actuarial estimates of the liability are more than the City has on
<br />deposit.
<br />City Council 18 - 3 8/1/2023
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