Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Insurance topic
No spam. Unsubscribe anytime.
Hoover staff recommends two-year renewal for workers' compensation stop‑loss policy
Summary
City staff recommended renewing the workers' compensation stop‑loss policy with Midwest Employers Casualty Company on a two-year term (quote #2), citing a $6,706 premium increase that remains within budget and advising against raising the city's self‑insured retention by $100,000.
Hoover City staff told council they recommend renewing the city’s workers’ compensation stop‑loss insurance with Midwest Employers Casualty Company for a two‑year term.
Miss Carrier, who presented the item, said the insurer offered a choice of one‑ or two‑year renewals and that staff’s recommendation was “quote number 2 to lock in that rate for 2 years.” She told the council the renewal would increase the premium by $6,706 but remains “within budget.” Staff also advised against increasing the city’s self‑insured retention, noting an option to raise the SIR by $100,000 but saying it was “not worth the risk.”
The matter was discussed as Resolution No. 871326 during the work session; no formal vote or final action was recorded in the work session minutes. The item will appear on the regular agenda for formal consideration as required by council procedure.
City staff provided the premium change and the two‑year recommendation; additional details, including the full set of the four quotes referenced by staff, were available in the meeting packet.
