Finance Committee Agenda and Packet 2017 01 17

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112 Cityot Om Louisville COLORADO - SINCE 1878 FINANCE COMMITTEE COMMUNICATION SUBJECT: DATE: CITY OF LOUISVILLE 2017 INSURANCE RENEWAL JANUARY 17, 2017 PRESENTED BY: HEATHER BALSER, CITY MANAGER'S OFFICE SUMMARY: Property and Liability: The premium renewal for Property and Casualty with Traveler's is $341,247 for 2017 vs. $351,746 for 2016. This represents a roughly 2.86% decrease. Significant changes include: Increased value of the Wastewater Treatment Plant • From $5.2m to $20.4m. Once construction/upgrades are complete we will adjust to a valuation of $28m Increased value of Intake Building • Control Building (which is outside the 100yr floodplain) $256,000 • Intake Structure $629,000 Increased the Coal Creek Clubhouse valuation from $1,000,000 to $1,457,000 Removed Excess Flood from areas no longer in flood plain • Insuring only the Coal Creek Golf Course Clubhouse with excess flood • Other locations are no longer in the flood plain or the value of the location does not reach even the amount of the deductible Reviewing the excess flood coverage and removing properties no longer in the flood plain saved over $20,000 in premium. Golf Course: The premium for Coal Creek Golf Course was $16,172 for 2016. The policy for 2017 will be $16,767. More equipment was insured. Worker's Compensation: Worker's Compensation through Traveler's in 2016 was $155,390. The renewal premium for 2017 is $142,614, an 8.96% decrease. The Human Resources staff manages the workers compensation policy and employee claims and continues to be pleased with the resources, guidance, and information provided by Traveler's Insurance Company over the past year. Flood and Peterson provided a quote for Worker's Compensation coverage from Pinnacol Assurance. That quote was $154,372. CITY COUNCIL COMMUNICATION 7