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Title:
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One-Year Term Contract of Excess Workers’ Compensation Insurance and Workers' Compensation Self-Insurance Surety Bond (Citywide)
As a self-insured employer for the administration of workers' compensation benefits, the City is required by Arizona law to post security with the Industrial Commission of Arizona to guarantee payment of workers’ compensation claims, which the City accomplishes through a self-insurance surety bond. The City also purchases excess workers’ compensation insurance to protect against catastrophic claim costs.
Staff recommends purchasing, through the City’s insurance broker, Arthur J. Gallagher & Co., an excess workers’ compensation insurance policy with a self-insured retention of $1.25 million per accident/injury/illness and $2 million per statutory presumptive illness, at a premium not to exceed $775,000, and a workers’ compensation self-insurance surety bond at a rate of $12.00 per $1,000 of the required security amount, for a total premium not to exceed $...
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