Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Workers Compensation topic
No spam. Unsubscribe anytime.
Committee reviews excess workers' compensation renewal and recommends two-year rate protection
Summary
Alliant presented the district’s excess workers’ compensation renewal and recommended taking a two-year rate option to protect against short-term increases; staff will move the recommended two-year renewal to the full board.
An Alliant representative (introduced in committee as 'Rick') presented the excess workers' compensation renewal. He said the expiring payroll was about $117.7 million with a projected payroll near $135 million. The expiring annualized premium was shown near $144,592; presenters described a 14-month transitional policy and a recommended two-year option to lock the current rate while payroll adjustments and new market entrants stabilize.
"So that is that is something to consider," the presenter said of the two-year option, explaining the rate would remain the same but payroll changes would adjust final premium dollars. Staff said the BoardDocs recommendation is to take the two-year renewal to protect the district from potential rate increases if claims or payroll changes occur during the period. The committee agreed to move the item to the board table on Wednesday to be handled at the full-board meeting.
