SUBJECT
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Approve annual excess Workers’ Compensation insurance policy renewal with Midwest Employers Casualty Company, effective January 1, 2025 through December 31, 2025. (Total premium $299,358)
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DESCRIPTION
The current excess Workers’ Compensation insurance policy is written with Midwest Employers Casualty Company and expires on December 31, 2024. Midwest has an AM Best rating of A+, rating them as superior with regards to financial stability. The County enjoys a long relationship with Midwest, as they have been the County’s excess insurer since 2005.
This policy covers catastrophic excess workers’ compensation expenses for the Board of County Commissioners and all five of the Constitutional Offices. Risk Management has worked with insurance broker Brown and Brown to market the insurance, obtain competitive quotes and secure the most favorable quote. The most favorable quote was again with Midwest Employers Casualty Company. The expiring policy premium is $305,391 and the renewal quote is $299,358, which represents an approximate 2.0% decrease.
RECOMMENDATION
Request Board approval for the Risk Manager to bind renewal coverage with Midwest Employers Casualty Company for a one-year policy term, for a total premium of $299,358.
FISCAL IMPACT
Funds are available in the Risk Management General Fund Budget
CONTACT INFORMATION
Mark Thomas, Director of Risk Management
863-534-5265