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12. B. 5.
Workers Compensation Excess Contract Renewal
Kim Archambault, HR Director, Human Resources
Resolved the Calhoun County Board of Commissioners does hereby approve the 2021 Workers Compensation excess insurance renewal with Midwest Employers Casualty Group as presented, and authorizes the County Administrator/Controller to sign the renewal agreements.
Resolved the Calhoun County Board of Commissioners does hereby approve the 2021 Workers Compensation excess insurance renewal agreement with Midwest Employers Casualty Group, as presented.
The County is currently insured by Midwest Casualty Group for excess insurance that expires at the end of 2020. The County's broker, IBEX, did a market review but the only other carrier (Safety National) failed to quote because the rates would be over $90,000. The quote options from Midwest are attached and the recommendation is to select Option Two that continues with our current $600,000 Specific Retention and has a premium of $65,517 for both years (2021 & 2022). These rates are significantly higher than current ($45,216), however, locking these in for two years will protect against additional expected increases.
The three alternatives through Midwest Casualty are included in the attachment.
The excess insurance renewal agreement will cost $65,517. The current annual cost for 2020 is $45,216, so there will be an increase of $20,301 in 2021 and 2022. Opting for a two-year agreement will mitigate against larger anticipated increases in year two.
Midwest Quote Packet
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