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Renew Citywide Insurance Program and Policies Procured through Independent Cities
<br />Risk Management Authority and Arthur J. Gallagher
<br />August 6, 2024
<br />Page 3
<br />City -owned trees.
<br />QUOTED & ESTIMATED PREMIUMS & FEES
<br />WORKERS' COMPENSATION COVERAGES
<br />FY 2022/23
<br />FY 2023/24
<br />FY 2024/25
<br />Excess Pool Workers' Compensation
<br />Program
<br />$
<br />345,678
<br />$
<br />415,464
<br />$
<br />459,770
<br />Excess Workers' Compensation
<br />Buffer
<br />$
<br />257,356
<br />$
<br />264,085
<br />$
<br />300,027
<br />Sub -Total
<br />$
<br />603,034
<br />$
<br />679,549
<br />$
<br />759,797
<br />Percent Change
<br />12%
<br />13%
<br />12%
<br />LIABILITY AND PROPERTY COVERAGES
<br />FY 2022/23
<br />FY 2023/24
<br />FY 2024/25
<br />Excess Pool Liability Program
<br />$
<br />5,123,142
<br />$
<br />6,070,925
<br />$
<br />6,927,723
<br />Auto Physical Damage Program
<br />$
<br />129,488
<br />$
<br />145,108
<br />$
<br />185,294
<br />Property & Equipment Program
<br />$
<br />485,380
<br />$
<br />593,557
<br />$
<br />534,757
<br />Crime Program
<br />$
<br />14,233
<br />$
<br />15,394
<br />$
<br />17,563
<br />Cyber Program
<br />$
<br />111,964
<br />$
<br />100,445
<br />$
<br />118,787
<br />Excess Liability Buffer
<br />$
<br />1,233,321
<br />$
<br />1,743,398
<br />$
<br />1,805,650
<br />DIC Earth Movement & Flood
<br />$
<br />1,126,819
<br />$
<br />1,283,147
<br />$
<br />1,353,245
<br />Terrorism
<br />$
<br />13,164
<br />$
<br />13,723
<br />$
<br />14,652
<br />Underground Storage Tanks -
<br />Environmental
<br />$
<br />11,112
<br />$
<br />12,539
<br />$
<br />15,314
<br />Sub -Total
<br />$
<br />8,248,623
<br />$
<br />9,978,236
<br />$
<br />10,972,985
<br />Percent Change
<br />25%
<br />21 %
<br />10%
<br />FY 2022/23
<br />FY 2023/24
<br />FY 2024/25
<br />City Special Events Insurance
<br />$
<br />300,000
<br />$
<br />350,000
<br />State of California DIR
<br />$
<br />500,000
<br />$
<br />500,000
<br />Total
<br />$
<br />11,457,785
<br />$
<br />12,582,782
<br />ENVIRONMENTAL IMPACT
<br />There is no environmental impact associated with this action.
<br />FISCAL IMPACT
<br />The recommended action includes appropriating $2.2 million of the General Liability
<br />Fund balance, which will reduce the available funds to pay liability claims in the future.
<br />The following table compares the most recent actuarial valuation for claims liability to
<br />the estimated fund balances in the Workers' Compensation and General Liability Funds.
<br />Actuarial estimates of the liabilitv are more than the Citv has on deposit.
<br />I I Workers' Compensation I General Liabilitv I
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