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ICRMA JPA Renewal / Broker Agreement / Associated Premiums and Costs
<br />August 1, 2023
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<br />QUOTED & ESTIMATED PREMIUMS & FEES
<br />WORKERS’ COMPENSATION COVERAGES FY 2021/22 FY 2022/23 FY 2023/24
<br />Excess Pool Workers’ Compensation
<br />Program $ 298,553 $ 345,678 $ 415,464
<br />Excess Workers’ Compensation
<br />Buffer $ 240,118 $ 257,356 $ 264,085
<br />Total $ 538,671 $ 603,034 $ 679,549
<br />Percent Change -7%12%13%
<br />LIABILITY AND PROPERTY COVERAGES FY 2021/22 FY 2022/23 FY 2023/24
<br />Excess Pool Liability Program $ 3,936,181 $ 5,123,142 $ 6,070,925
<br />Auto Physical Damage Program $ 119,215 $ 129,488 $
<br />145,108
<br />Property & Equipment Program $ 472,724 $ 485,380 $ 593,557
<br />Crime Program $ 11,914 $ 14,233 $ 15,394
<br />Cyber Program $ 66,441 $ 111,964 $ 100,445
<br />Excess Liability Buffer $ 993,265 $ 1,233,321 $ 1,743,398
<br />DIC Earth Movement & Flood $ 985,856 $ 1,126,819 $ 1,283,147
<br />Terrorism $ 12,330 $ 13,164 $ 13,723
<br />Underground Storage Tanks-
<br />Environmental $ 10,157 $ 11,112 $ 12,761
<br />Total $ 6,608,083 $ 8,248,623 $ 9,978,458
<br />Percent Change 69%25%21%
<br /> FY 2021/22 FY 2022/23 FY 2023/24
<br />City Special Events Insurance $ 300,000
<br />State of California DIR $ 500,000
<br />Total $ 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.
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