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REQUEST FOR COUNCIL CONSIDERATION Agenda Section: 1. <br /> nriorOUNDS 92-251WS <br /> STAFF REPORT Report Number: <br /> BM <br /> AGENDA SESSION DATE MAY 4 , 199 2 Report Date: 4/29/92 <br /> DISPOSITION <br /> Item Description: <br /> CONSIDERATION OF LARGER DEDUCTIBLE ON INSURANCE POLICIES <br /> Administrator's Review/Recommendation: /,(� <br /> - No comments to supplement this report 1!1.64`' <br /> - Comments attached. <br /> Explanation/Summary (attach supplement sheets as necessary.) <br /> SUMMARY; <br /> Presently the City has a $5,000 deductible on it's insurance policies with an annual <br /> aggregate of $50,000. This means that the most that the City would pay for one loss <br /> would be $5,000 and the most that the City would pay for all losses in one year <br /> would be $50,000. The chart below shows the City's experience with this deductible. <br /> Savings Claims Net Savings <br /> 87/88 $ 8,000 $ 7,608 + $ 392 <br /> 88/89 $ 13,000 $ 5,805 + $ 7,195 <br /> 89/90 $ 23,639 $ 6,259 + $ 17,380 <br /> 90/91 $ 25,764 $ 6,008 + $ 19,756 <br /> 91/92 $ 30,148 N/A N/A <br /> 9-2/-93 $ 21,300— N/A N/A <br /> The City's experience with a $5,000 deductible has been favorable and has resulted <br /> in substantial savings on insurance premiums. <br /> A $10,000 deductible with a $50,000 aggregate would result in a further savings of <br /> approximately $5,000. An analysis of the City's claims experience for the last six <br /> years (1985 - 1991) shows the following: <br /> �-/' <br /> Donald Brager, Financ irector <br /> RECOMMENDATION; <br />