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At the Dec. 10 City Council meeting, aldermen approved the purchase of Property, Excess Liability & Excess Worker’s Compensation insurance policies at a cost of $556,524 for supplemental coverage of any losses it incurs in 2019. The current policies, which expire on Dec. 31, provide coverage for the City’s losses from torts, theft, asset damage, errors and omissions, and natural disasters. The new premium reflects a 5.4% increase.
According to a memo from Chief Financial Officer Hitesh Desai and Corporation Counsel Michelle Masoncup, the City maintains a self-insured retention policy of $1.25 million with an additional layer of excess insurance totaling $20 million. The two advised for “purposes of prudent risk management” that the City keep its current levels and add a policy for environmental coverage.
The City divides the insurance coverage between Argonaut, for the first $10 million of excess overage, and Great American for the second $10 million.
The purchase of insurance was approved unanimously on the consent agenda, with no Council comment.