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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 entity for the administration of workers' compensation benefits, Arizona statute requires the City to obtain excess workers' compensation insurance and to provide a security deposit based on the total unpaid losses of open compensable workers' compensation claims, which is accomplished through securing a surety bond.
Staff recommends the purchase of an excess workers' compensation insurance policy, through the City's insurance broker, Arthur J Gallagher & Co., with a self-insured retention up to $2 million per accident/injury/illness (with exceptions) for a premium up to $625,000 and a workers' compensation self-insurance surety bond for the bond rate up to $12 per every $1,000 of unpaid losses.
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