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City consultant recommends tailored workers' compensation renewal; proposes mixed retention limits
Summary
An independent risk consultant recommended a renewal package that keeps a $1.5 million self‑insured retention for most employees but raises the retention to $2 million for police, fire and electric utility workers, and recommended Midwest Employers Casualty with a two‑year rate guarantee as the best renewal option.
City finance staff and a risk consultant briefed the Independence City Council on June 9 about pending property and excess workers' compensation renewals and recommended a renewal approach that preserves the city's self‑funded program while adjusting retention levels for higher‑risk classifications.
Why it matters: The city's choice of retention and excess carrier affects annual premiums, the city's exposure to large claims and long-term liabilities from legacy cases. Presenters said fully insuring the program would be fiscally unfeasible given both current premiums and the need to budget for claim runoff from prior years.
Bob Charlesworth, the city's independent risk management consultant, told the council that Safety National,…
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