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ICRMA JPA Renewal / Broker Agreement / Associated Premiums and Costs
<br />July 19, 2022
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<br /> QUOTED & ESTIMATED PREMIUMS & FEES
<br />WORKERS’ COMPENSATION
<br />COVERAGES FY 2020/21 FY 2021/22 FY 2022/23
<br />Excess Pool Workers’
<br />Compensation Program $ 386,000 $ 298,553 $ 345,678
<br />Excess Workers’ Compensation
<br />Buffer $ 194,000 $ 240,118 $ 257,356
<br />Total $ 580,000 $ 538,671 $ 603,034
<br />Percent Change -5%-7%12%
<br />LIABILITY AND PROPERTY
<br />COVERAGES FY 2020/21 FY 2021/22 FY 2022/23
<br />Excess Pool Liability Program $ 1,680,000 $ 3,936,181 $ 5,123,142
<br />Auto Physical Damage Program $ 79,000 $ 119,215 $ 129,488
<br />Property & Equipment Program $ 455,000 $ 472,724 $ 485,380
<br />Crime Program $ 12,000 $ 11,914 $ 14,233
<br />Cyber Program $ 31,000 $ 66,441 $ 111,964
<br />Excess Liability Buffer $ 786,000 $ 993,265 $ 1,233,321
<br />DIC Earth Movement & Flood $ 844,000 $ 985,856 $ 1,126,819
<br />Terrorism $ 13,000 $ 12,330 $ 13,164
<br />Underground Storage Tanks-
<br />Environmental $ 8,000 $ 10,157 $ 15,000
<br />Total $ 3,908,000 $ 6,596,162 $ 8,855,546
<br />Percent Change 22%63%21%
<br />ENVIRONMENTAL IMPACT
<br />There is no environmental impact associated with this action.
<br />FISCAL IMPACT
<br />Funds are budgeted in the adopted FY 2022-23 Liability & Property insurance account
<br />No. 08009051-64010 for an estimated premium and administrative cost not to exceed
<br />$9,036,300. Funds are budgeted in the adopted FY 2022-23 Workers’ Compensation
<br />insurance account No. 08209054-64010 for an estimated premium and administrative
<br />cost not to exceed $1,300,000.
<br />Fiscal Impact Verified By: Kathryn Downs, CPA, Executive Director – Finance and
<br />Management Services Agency
<br />EXHIBIT(S)
<br />1. Agreement with Arthur J. Gallagher Insurance Brokers of California, Inc. For
<br />Insurance Broker Services, Client Service Agreement
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