24-0990
One-Year Term Contract of Excess Workers’ Compensation Insurance and Workers' Compensation Self-Insurance Surety Bond (Citywide) As a self-insured entity for the administration of workers' compensation benefits, Arizona statute requires the City to obtain excess workers' compensation insurance and to provide a security deposit based on the total unpaid losses of open compensable workers' compensation claims, which is accomplished through securing a surety bond. Staff recommends the purchase of an excess workers' compensation insurance policy, through the City’s insurance broker, Arthur J Gallagher & Co., with a self-insured retention up to $2 million per accident/injury/illness (with exceptions) for a premium up to $675,000 and a workers’ compensation self-insurance surety bond for the bond rate up to $12.00 per every $1,000 of unpaid losses.
- Committee
- City Council
- Introduced
- September 18, 2024
- On agenda
- November 18, 2024