HomeMy WebLinkAbout5.1 Review of Village Risk Management and General Liability Program12/20/2017 BoardDocs® Pro
Agenda Item Details
Meeting Dec 12, 2017 - SPECIAL MEETING OF THE COMMITTEE OF THE WHOLE - 6:00 P.M.
Category 5. AGENDA ITEMS
Subject 5.1 Review of Village Risk Management and General Liability Program
Type Discussion
Information
Staff has been evaluating the current risk management program of the Village to determine if efficiencies could be gained
in the areas of pricing, risk exposure and claims administration. Options to consider moving forward range from
continuing with the current program adjusting existing coverage levels to a further involvement into additional pooled
insurance options. Provided below is a summary of each of the major risk management programs currently in place for
the Village.
Attachment I provides a listing of the current schedule of insurance in force, showing the type of coverage, the carrier,
policy limits, and the broker of record. The Village's current property and workers' compensation insurance policies are
set to expire December 31, 2017. The Village maintains a self-insured retention (SIR) level for liability claims of $2
million at which point excess liability coverage above the SIR and up to $15 million is provided through our membership
in the High -Level Excess Liability Pool (HELP). Membership in the current term of HELP expires April 30, 2018.
The Village outsources claims administration for property, liability and workers' compensation. The service agreement
with our third -party vendor for processing property and liability claims expires December 31, 2017 while the service
agreement for processing workers' compensation claims expires December 31, 2018. The Village also maintains a
number of other coverages for fiduciary liability (pensions), crime (employee dishonesty and forgery), and public officials
(bonds) that expire at different times during the calendar year. Below is a brief summary of the major risk management
programs currently in place with the Village.
Current Risk Management Programs
Property Coverage - Village buildings and vehicles were insured this past year by Hartford. Property values on which the
premium was based totaled $101,804,765. A $25,000 deductible is in place for this coverage. The broker offering the
coverage was Assurance.
Workers' Compensation - Excess workers compensation coverage was purchased from Safety National, which insured the
Village for individual claims in excess of $650,000. There is a $1 million aggregate limit for worker compensation claims.
The broker was Arthur J. Gallagher and Co.
Liability/Casualty — The Village currently maintains a self-insured program for liability and casualty claims up to $2 million
with pooled excess insurance coverage above the SIR level to $15 million. Excess coverage is provided through the HELP.
The self-insured program includes coverages for general and auto liability, public officials' liability, police professional
liability and employment practices.
Note: Prior to 2006, the Village maintained an SIR level of $250,000 for all liability claims. Conventional liability coverage
was then purchased at a cost of $225,000 annually to cover claims between $250,000 and the HELP attachment point of
$2 million.
Renewals and Administration
The process for procuring renewal quotes each fall requires completing updated applications and providing current claims
loss data for the various insurance brokers. The renewal process takes between 45 and 60 days to complete. The process
begins in October with final recommendations presented to the Village Board in December. This process applies to
property and excess workers' compensation coverage only as the term for excess liability coverage provided through
HELP runs for ten years. expiring April 30, 2018. Decisions on continuing with HELP for an additional ten-year term
beyond the current term will need to be made December 2017.
https://www.boarddocs.com/il/vomp/Board.nsf/Public 1/3
12/20/2017 BoardDocs® Pro
The Village currently outsources administration for property, liability and workers' compensation claims, many of the day-
to-day processing of paperwork and reporting is handled by the Finance Department. These functions would remain
essentially the same moving forward. The process improvement anticipated in this area is improved claims oversight by
the selected vendor providing quicker resolution to claims and an overall reduced cost per claim.
Analysis and Recommendation
To assist in the evaluation of the Village's risk management program, Mr. Peter Wright from Wright Benefit Strategies
(WBS) was retained to prepare a formal review of the costs and coverages of our current insurance program and provide
recommendations for program improvement. One option being considered is to participate in the Intergovernmental Risk
Management Agency (IRMA) for self-insured pooling of claims. IRMA is a pool of local governmental units providing full
property, casualty and workers' compensation coverage through a pooling of claims above $2,500, per occurrence.
Members may elect deductibles or self-insured retention (SIR) up to $250,000 per claim.
To complete the analysis Village staff provided WBS with multi-year loss reports, insurance renewal costs for the
upcoming coverage period, IRMA coverage and cost proposal and other insurance policy information. Staff from the
Village Manager's Office and Finance Department then met with WBS on two occasions. First to go over the current
program and goals for attainment regarding the risk management program then a second time to review results of the
analysis and recommendation for moving forward.
Attachment II is an Executive Summary and recommendation for the Village's commercial insurance and pool strategies.
The summary highlights the expected costs assuming trended average losses and IRMA coverage, or Village stand-alone
costs. Based on the analysis, IRMA costs will be below expected costs for the Village program today. In the event losses
exceed average predicted losses, IRMA would in most cases remain the lower cost option due to lower deductibles, as
well as pooling of larger claims with other IRMA members. Should the Village have significantly lower losses, IRMA costs
would likely be higher than the stand alone program. However, IRMA allows for the Village to adjust SIR levels in
response to the lower number of claims.
Using IRMA coverages and contribution amounts, IRMA's projected costs are lower than "average" past history. IRMA
costs are based on an estimate provided to the Village for a January 2018 effective date. Projected savings to the Village
range from $307,217 to $311,958 depending on the chosen level of SIR. The table below shows projected costs for 2017
and 2018 for the stand-alone program, to projected IRMA costs assuming different deductible levels for 2018.
Premium/Admin Costs
Self Insured Losses
Annual Cost
Current Program
2017 est
2018 est
$ 414,899
$ 414,180
813,060
928,652
$ 1,227,959
$ 1,342,832
Attachment III is a coverage comparison of limits provided under IRMA against under the current stand-alone program.
Coverage limits under IRMA are at or above those of the current program for Property, Workers' Compensation and
Liability/Casualty and expands coverage for items such as Cyber Risk which the Village does not currently maintain.
IRMA presents an opportunity to limit exposure to high cost claims, as well as frequency of claims. In addition, IRMA
provides the opportunity to outsource most of the insurance management activities improving the efficiency of program
management and claim administration. Based on the analysis provided by Wright Benefit Strategies, Village staff concur
with the recommendations for moving to IRMA for providing insurance coverages effective January 1, 2018.
Mr. Wright from Wright Benefit Strategies, Margo Ely from the Intergovernmental Risk Management Agency along with
appropriate staff will be on hand at the meeting to make a formal presentation and answer questions.
Alternatives
1. Board discussion on the current risk management program of the Village and for consideration of moving insurance
coverages to the Intergovernmental Risk Management Agency effective January 1, 2018.
2. Action at discretion of Village Board.
Staff Recommendation
https://www.boarddocs.com/il/vomp/Board.nsf/Public 2/3
IRMA - 2018
$50,000
$100,000
$250,000
SIR
SIR
SIR
$ 753,220
$ 631,485
$ 375,466
277,654
404,130
656,536
$ 1,030,874
$ 1,035,615
$ 1,032,002
Attachment III is a coverage comparison of limits provided under IRMA against under the current stand-alone program.
Coverage limits under IRMA are at or above those of the current program for Property, Workers' Compensation and
Liability/Casualty and expands coverage for items such as Cyber Risk which the Village does not currently maintain.
IRMA presents an opportunity to limit exposure to high cost claims, as well as frequency of claims. In addition, IRMA
provides the opportunity to outsource most of the insurance management activities improving the efficiency of program
management and claim administration. Based on the analysis provided by Wright Benefit Strategies, Village staff concur
with the recommendations for moving to IRMA for providing insurance coverages effective January 1, 2018.
Mr. Wright from Wright Benefit Strategies, Margo Ely from the Intergovernmental Risk Management Agency along with
appropriate staff will be on hand at the meeting to make a formal presentation and answer questions.
Alternatives
1. Board discussion on the current risk management program of the Village and for consideration of moving insurance
coverages to the Intergovernmental Risk Management Agency effective January 1, 2018.
2. Action at discretion of Village Board.
Staff Recommendation
https://www.boarddocs.com/il/vomp/Board.nsf/Public 2/3
1c/2n/2n1r
BoardDocs(g) Pro
Board discussion on the current risk management program of the Village, and for consideration at a future Village Board
Meeting of moving insurance coverages tothe Intergovernmental Risk Management Agency (lRMA) effective January 1,
2018.
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THE VILLAGE OF MOUNT PROSPECT
COMMERCIAL INSURANCE AND POOL STRATEGIES
Executive Summary
The Village of Mount Prospect provides property and casualty insurance coverage through a combination of
self-insured retained losses, pooled excess coverage, and commercial insurance. Wright Benefit Strategies, an
insurance and consulting firm, analyzed proposed costs and term for the Village claims, insurance, and
administration services compared to costs assuming structural change by joining IRMA, a full risk sharing pool.
Mount Prospect retains all liability losses up to $2.0 million, and purchases claim administration services and
participates in HELP, a governmental pool providing Excess General Liability coverage over $2.0 million of
losses to members through a risk sharing agreement. The pool's third term will expire on April 30, 2018.
IRMA is a governmental pool of local municipal governmental units providing full property and casualty
coverage through a self-insured pooling of claims above $2,500 per occurrence. Members may elect
deductibles up to $250,000 per claim. The Village is considering IRMA's impact on administration, total cost
and structure of risk assumed by the Village.
Recommendations: IRMA costs are below expected costs for the Village program today. Should the Village
have significantly lower losses, IRMA costs would likely be higher than the stand alone program. However,
IRMA allows the Village to shift liabilities for incurred claim events to the pool so that increases in incurred
claims over time would be assumed by the pool. IRMA also provides for better insurance pricing and
administrative service costs due to its larger size. IRMA essentially requires the Village to pre -fund liabilities
for each year, which is reconciled once years are closed with actual contributions. The Village would earn
interest on contributions above blended costs for risk in each program year.
The Village would effectively outsource the management of the insurance program to IRMA, which would
allow staff more time for management of other activities. IRMA does work directly with a member in the
process of claim resolution, including recommending settlement. IRMA will in some cases allow the Village to
be involved in attorney selection for higher cost, complex claims.The Village will have the right to appeal
settlements which are not agreed to, but similar to conventional insurance IRMA coverage may be limited to
the proposed settlement amount in the event a claim goes to court and the award exceeds the original IRMA
proposed settlement.
As staff has noted a concern over exposure to risk, IRMA presents an opportunity to limit exposre to high cost
claims, as well as high frequency of claims. Staff has noted the desire to improve efficiency of program
management, as well as effectiveness of outsourced claim administration. IRMA would provide outsourcing of
most insurance management activities. IRMA will require additional staff time attending Board meetings and
participating in IRMA committees, however some aspects such as current program management and
insurance renewal activities would take less time.
The combined benefits of lower costs based on average assumed losses, and shifting of longer tail liabilities to
the pool suggest IRMA has strategic benefits for the Village that address Village needs and provide for more
stable insurance costs. The Village would relinquish some control over loss settlement and independent
management of the insurance program.
1 Wright Benefit Strategies
THE VILLAGE OF MOUNT PROSPECT
COMMERCIAL INSURANCE AND POOL STRATEGIES
Executive Summary
Background: The Village self -insures property, workers compensation and liability coverage with third party
claims administration services. Insurance coverage is purchased for Property coverage, Crime and Fiduciary
coverage. Excess liability coverage is pooled through HELP. The Village assumes the cost for all claims up to the
retained limits, as outlined below:
Property
Liability
Workers
Crime
Compensation
$25,000 Property
$2,000,000
$650,000
$5,000
$100,000 Auto
As a percent of revenue, Mount Prospects' costs varied between 2.08% of revenue to 1.08% of revenue since
2012, and are projected to reach 1.8% of revenue based on projected fixed costs and incurred claims. Incurred
claims for future years are assumed to be the average trended losses from past years. Losses in this chart
include the effect of incurred claim reserve adjustments.
Mount Prospect Loss Cost as Percent of Revenues
2 Wright Benefit Strategies
THE VILLAGE OF MOUNT PROSPECT
COMMERCIAL INSURANCE AND POOL STRATEGIES
Executive Summary
IRMA is a risk sharing pool comprised of 70 municipalities in northeastern Illinois. Members pool
contributions, and subject to a members preferred deductible level, self -insures claims below the deductible.
Highlights of IRMA membership include:
• IRMA's liability coverage limit is $15,000,000, including a $3,000,000 pool self insured retention for
liability coverage. The Village will purchase a higher liability limit to match the same as coverage
available through the Village primary $2.0 million layer, and HELP $13 million layer, including
retentions. IRMA's standard limit is $13 million.
• Each year, IRMA determines an overall contribution rate. The member rate is determined after
adjusting for experience, and the member deductible credit is determined as a percent of the net
contribution.
• IRMA staff provides claim administration and are responsible for all aspects of claim investigation,
defense and settlement, in contrast to the Village assuming this responsibility.
• Loss settlement and final approval is coordinated with the member by IRMA providing notice of
proposed settlement, with the member allowed to appeal the amount.
• Each member is required to fund reserves at inception of membership, paid over a period not to
exceed five years.
• The pool invests reserves which over time has generated investment earnings. The investment
earnings and surplus funds from prior years are shared annually with members as a credit to members
reserve.
The following pages highlight the current program structure and historical cost to expected costs, general
structure and reserve liabilities should the Village elect to join IRMA. Membership in IRMA should be
expected to be for an extended period of time, although the Village would be able to leave at any time with
nine months notice. The Village would not earn interest on reserves for five years, based on when years close.
3 Wright Benefit Strategies
THE VILLAGE OF MOUNT PROSPECT
COMMERCIAL INSURANCE AND POOL STRATEGIES
Executive Summary
IRMA's projected costs are lower than "average" past history assuming IRMA coverage and contributions.
IRMA's costs are based on an estimate provided to the Village for January, 2018 effective date. The chart
below compares historical cost and projected 2017 and 2018 cost based on actuarial claim estimates (mature
claims), to projected IRMA costs assuming different deductible levels for 2018.
Comparison of Historical Cost to IRMA Costs
$1,600,000
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2016
2017 Est.
2018 Est.
2018IRMA
2018IRMA
201.8 IRMA
@ $50,000
@ $100,000
@ $250,000
4 Wright Benefit Strategies
THE VILLAGE OF MOUNT PROSPECT
COMMERCIAL INSURANCE AND POOL STRATEGIES
Executive Summary
The chart below highlights IRMA cost components as a percent of revenue, without reserve contributions.
IRMA Cost Components as Percentage of Revenue
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2017 Forecast 2018 Forecast 2018 IRMA @
2018 IRMA @ 2018 IRMA a
$50,000
$100,000 $250,000
5 Wright Benefit Strategies
THE VILLAGE OF MOUNT PROSPECT
COMMERCIAL INSURANCE AND POOL STRATEGIES
Executive Summary
Hypothetical IRMA Costs for Past Years: The following chart highlights the likely cost outcome assuming
IRMA coverage compared to the Village insurance programs from 2014-2016, and estimates for 2017 and
2018. Please note the analysis is based on past incurred claims as reported by the Village, fixed costs, and
IRMA costs based on similar percentage of revenue charges, experience adjustments and a deductible level of
$100,000. Please note the comparison includes reserve contributions. Costs for 2017 and 2018 are based on
forecast incurred claims based on historical claims adjusted for ultimate losses and inflation. The chart shows
how IRMA would compare in both low claim years and high claim years. The Village would have incurred
lower costs higher loss years, and higher costs with IRMA in lower loss years.
Historical Compsrison $100,000 Deductible
IRMA vs Village Insurance
,,1,400,O(V
$1,'10' o(')
$1,187,388 $1,227,959
$1,181,303
$1,002,
c 1.,(0)0,ocx) $946,195
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$656,332
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lh) D3
6 Wright Benefit Strategies
THE VILLAGE OF MOUNT PROSPECT
COMMERCIAL INSURANCE AND POOL STRATEGIES
Executive Summary
IRMA requires a reserve contribution of 25% of the IRMA contribution. The Village has adequate internal
insurance funding to transfer a portion of the current fund balance to IRMA while retaining a balance in excess
of implied incurred claim liabilities.
$10,000,000 ..,.
Risk Managment Fund Balances and IRMA
Reserve Contribution
$9,000,000
$8,000,000
$7,000,000
. .
$6,000,000
„........................................................................................................................................................................................................................................................................................................................................................
iio Fund Balance and Reserve
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2016 2017 Estimate
2018 IRMA
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7 Wright Benefit Strategies
IRMA COVERAGE COMPARISON
IRMA Mt. Prospect
Coverage
Limit
Deductible
Limit
Deductible
General Liability
$15,000,000
$2,500-
$15,000,000
$2,000,000
$250,000
w / HELP
SIR
(options)
Fire/EMS Professional
$15,000,000
99$15,000,000
$9,971,651 (per
"
Law Enforcement Activities
$15,000,000
$15,000,000
"
Fire Truck/Ambulance over
(Occurrence)
is
(Occurrence)
$100,000
Employee Benefits Liability
$15,000,000
$15,000,000
Auto Liability (Any Auto)
$15,000,000
"
$15,000,000
Uninsured Motorists
$500,000
Excluded
Excluded
($250,000
Underinsured Motorists
$500,000
Zone C
Flood Zone B;
Public Officials Liability
$15,000,000
$15,000,000
$50,000 Flood
(Occurrence)
(Claims -Made)
Zone C; 24
Employment Practices Liability
$15,000,000
0°
$15,000,000
is
(Occurrence)
(Claims -Made)
EQ ($50,000
Coverage
Limit
Deductible
Limit
Deductible
Property - All Risk (RCI0
$250,000,000
$2,500-
$101,804,765
$25,000
$250,000
(options)
Auto Physical Damage
$10,000,000
is
$9,971,651 (per
$100,000
occurrence)
Fire Truck/Ambulance over
Orig. Purchase
is
$4,060,000 (per
$100,000
$75,000
Price/Scheduled
occurrence)
Flood and Earthquake
$40,000,000
"
$10,000,000
Flood
Flood (except
Flood/
($250,000
Zone V)/
Zone C
Flood Zone B;
Zone A
$10,000,000
$50,000 Flood
$5,000,000
Zone B
Zone C; 24
$1,000,000
hours for BI)
$40,000,000 EQ
$10,000,000 EQ
EQ ($50,000
(excluding
moderate and
and 24 hours
high hazard
for BI)
counties)/
Builders Risk
$15,000,000
isIncluded
in limit
$25,000
$1,000,000 Frame
Errors and Omissions
$5,000,000
isE&O
in
$25,000
Description is
covered
Extra Expense
$2,500,000
is
$50,000
$25,000
Coverage
Limit
Deductible
Limit
Deductible
Ordinance Coverage
Value of
69Included
in limit
$25,000
Employers Liability
undamaged
building -
$5,000,000
$250,000
Demolition and
Increased cost of
construction -
is
Same Communicable Disease
Included
(options)
$1,000,000
N/A
Demolition and
and $100,000,000
Increased cost of
construction -
Included
Property Floater (IM)
$5,000,000
"
$150,000
$2,500
(per IM schedule)
(per IM
Schedule)
Business Interruption
$25,000,000
$5,000,000
24 hours;
Property in Transit
$1,000,000
$50,000
$25,000
Newly
$25,000,000
Building
$25,000
Constructed/Acquired
$5,000,000; BPP
$2,500,000
Valuable Papers
$5,000,000
Included in limit
$25,000
Accts. Receivable
$5,000,000
$500,000
$25,000
EDP Equipment/Media/Data
$25,000,000
Included in limit
$25,000
Fine Arts
$500,000
$50,000 per
$25,000
occurrence;
No more than
$10,000 for any
one item
Sales Tax Interruption
$10,000,000
$4,000,000
$25,000
Hotel Tax Interruption
$1,000,000
Not Found
----------
Coverage
Limit
Deductible
Limit
Deductible
Boiler and Machinery
$50,000,000
$2,500-
The lessor of
$25,000
Employers Liability
$2,500,000
$250,000
applicable
is
Same Communicable Disease
Included
(options)
property limit
N/A
and $100,000,000
Coverage
Limit
Deductible
Limit
Deductible
Workers' Compensation
Statutory
$2,500-
$250,000
Statutory
$650,000
Employers Liability
$2,500,000
is
$1,000,000
is
Same Communicable Disease
Included
isNot
Covered
N/A
Coverage
Limit
Deductible
Limit
Deductible
Crime Coverage
$2,500-
$250,000
$5,000
Fidelity - Employee Theft
$5,000,000
it
$500,000
if
Forgery or Alteration
$5,000,000
it
$100,000
if
On Premises
$2,500,000
66
Not Covered
At
In Transit
$2,500,000
66
Not Covered
it
Money Orders and Counterfeit
Money
$5,000,000
99
$100,000
it
Computer Crime
$5,000,000
Is
$100,000
"
Funds Transfer Fraud
$5,000,000
$100,000
"
Identity Fraud Reimbursement
$25,000
$0
Not Covered
N/A
Claim Expense
$5,000
$0
$5,000
$0
Designated Agents — All
Elected or Appointed Officials
Included
N/A
Not found
----------
Cyber Risk
$10,000 (per
breach)
Breach Response
$100,000
it
Not found
----------
Liability & Defense
$250,000
it
Not found
----------
Named Malware
$50,000
Not found
----------
Forensic IT Review
$15,000
Not found
----------
Legal Review
$10,000
Not found
----------
Public Relations
$5,000
Not found
Public Officials Blanket Bond
Statutory
Included/
Optional as
needed
$0
Schedule as
needed
----------
Fire / Police Pension
Optional
so -$10,000
Included
Liability Coverage Aggregate
Limit
$5,000,000
it$5,000,000
$25,000
Additional Defense
$2,500,000
Not found
Risk Management Services:
Included
Not Found
✓ Risk Mgmt. Evaluations:
✓ (IMAP / HSV / RAV
✓ Loss Control Services
✓ Risk Management Consulting
✓ Training & Education
✓ Online Model Policies
✓ Cyber Risk Portal -Online
✓ Property Appraisal Services
✓ Unemployment Claims
Admin./Hearings
✓ IRMA Grants:
- Police, Fire, PW
Accreditation
- Fire Service Equipment
(power cot/power load)
- Lexipol (police & fire)
- Certified Flagger Instructor
- Injury Prevention Programs
(BackSafe, IL. Bone & Joint,
- Trailer Gate Assist
✓ Pooled Service Providers
Program: (Reduced Pooled
Pricing) COBRA/FMLA
admin., mobile drug &
hearing testing, background
checks.