HomeMy WebLinkAbout11/26/1985 COW AgendaCOMM l TTEE OF THE WHOLE
AGENDA
Meeting Location: Meeting Date and Time:
Board Room, 2nd Floor Tuesday, November 26, 1985
112 East Northwest Highway 7:30 p.m.
I. MALL TO ORDER - ROLL CALL
II. ACCEPTANCE OF MINUTES OF NOVEMBER 12, 1985
III. CITIZENS TO BE HEARD
I V . INSURANCE
With information previously distributed to the Mayor and
Board of Trustees, the staff informed the Board that our
umbrella coverages for General Liability were being
cancelled by our -current carriers. This is not unlike what
is occurring elsewhere in this country with municipalities
and other groups who maintain sufficient public exposure for
insurance claims. Because of unbridled compensation awards
and the continuing attitude that litigation is the method of
salving problems, insurance underwriters continue to remain °
skeptical that municipal coverages are a worthwhile market.
While the Village is basically self-insured, we do purchase
umbrella liability insurance from the local market. The
Village assumes each year the first $325,000 of claim loss
and the remainder is covered under the umbrella. As of this
point, we have not been able to secure new umbrella coverage
to take over after the cancellation by our present carriers
on January 1 , 1986 . Attached is a memorandum from Finance
Director David Jepson providing some greater detai 1 and a
memorandum f rom Dave Newman, General Counsel, regarding the
methods to handle liability judgment not covered by
a
insurance.
Mr. Jim Gault, of A. J. Gallagher & Co., our current broker
in this matter will be in attendance to discuss his recent
efforts in the market and the general trend with the
insurance industry. If Mr. Gault is able to secure some
form of coverage between now and Tuesday, November 26, the
Village wi l 1 have to evaluate whether or not its cast is
affordable and realistic. If it is not, then we will have
to consider going without insurance umbrella coverage and
remaining truly self-insured. If this latter alternative is
chosen, then it would be prudent for us to establish a
sufficient reserve so that claims could be adequately
litigated and forcefully defended.
V. PENSIONS
Pursuant to existing policy, actuarial studies have been
conducted on both the Police Pension Fund and the Fire
Pension Fund. In each instance, the Village has exceeded
100% funding and apart from normal costs, there is no legal
or compelling need to continue funding these pensions at
prior levels.
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