HomeMy WebLinkAbout16356 RESOLUTION NO. 16,356
2
3 A RESOLUTION TO AUTHORIZE THE CITY MANAGER TO ENTER
4 INTO A CONTRACT WITH SAFETY NATIONAL CASUALTY
5 CORPORATION, FOR EXCESS WORKERS' COMPENSATION FOR
6 ONE (1)-YEAR, EFFECTIVE JULY 1, 2024, TO JUNE 30, 2025; AND FOR
7 OTHER PURPOSES.
8
9 WHEREAS, the City of Little Rock, Arkansas, has operated a self-funded Workers' Compensation
10 Program since 1985 and relies upon Stop-Loss Coverage to cap the cost of individual claims;and,
11 WHEREAS, the Arkansas Workers' Compensation Commission requires that self-insured programs
12 purchase this Stop-Loss Coverage;and,
13 WHEREAS, the City's Insurance Broker solicited quotes for the Excess Workers' Compensation
14 Insurance and received a renewal quote to bind coverage from Safety National Casualty Corporation
15 ("Safety National") for the term of July 1,2024,to June 30,2025;and,
16 WHEREAS, the City's 2024-2025 estimated payroll is One Hundred Fifty-Three Million, One
17 Hundred Forty-Five Thousand, One Hundred Seventy-Nine Dollars, ($153,145,179.00) with a premium
18 rate of$0.2029 per One Hundred Dollars ($100.00) of payroll with a deposit and minimum premium of
19 Three Hundred Fifteen Thousand, Eight Hundred Fifty-Seven Dollars($315,857.00).
20 NOW,THEREFORE,BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY
21 OF LITTLE ROCK,ARKANSAS:
22 Section 1. The Board of Directors authorizes the City Manager to enter into a contract with Safety
23 National Casualty Corporation to provide Excess Workers'Compensation Insurance to the City for one(1)-
24 year, effective July 1, 2024, through June 30, 2025, for a premium of Three Hundred Fifteen Thousand,
25 Eight Hundred Fifty-Seven Dollars($315,857.00).
26 Section 2. Funding for the renewal is allocated annually in the City's General Fund Budget line items
27 for Workers'Compensation,Account No. 100000-14010.
28 Section 3. Severability. In the event any title, section, paragraph, item, sentence, clause, phrase, or
29 word of this resolution is declared or adjudged to be invalid or unconstitutional, such declaration or
30 adjudication shall not affect the remaining portions of the resolution, which shall remain in full force and
31 effect as if the portion so declared or adjudged invalid or unconstitutional were not originally a part of the
32 resolution.
33 Section 4. Repealer. All ordinances, resolutions, bylaws, and other matters inconsistent with this
34 resolution are hereby repealed to the extent of such inconsistency.
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1 ADOPTED: July 2,2024
2 ;ft. APPROVED:
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City Clerk Frank Scott,Jr.,Mayor
6 PPRO '0 LEGAL FORM:
7
8 / / ,• L4 dI
9 Thomas M. Carpenter,City Atto trey
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