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Two years ago, we moved the Workers Compensation coverage to the Illinois Public Risk Fund (IPRF). <br /> This move resulted in premium reduction and a lower SIR or deductible. Anticipated increased payroll <br /> cost is driving the premium increase. <br /> Following much discussion with city insurance advisors, Arthur J. Gallagher over the last 6 months, we <br /> have concluded that given the current environment of risk, we do not believe coverage limit reductions to <br /> save policy premium costs are a wise choice at this time. We believe it wiser to maintain coverage limits <br /> and incur the higher policy premium costs in the short term, as we believe that coverage limit reduction at <br /> this time given the marketplace may place us in an unfavorable future position when we would seek <br /> higher coverage limits. <br /> Upon council approval, city risk management will bind coverage as recommended in this material. City <br /> has yet to finalize the cyber liability coverage limits and premium costs with the carriers. The material <br /> presented to council will upon resolution passage provide risk management with a maximum level or not <br /> to exceed level of coverage at this time. City will then proceed to finalize the cyber liability insurance <br /> balancing coverage limits with premium price. <br /> Gregg D.Zientara <br /> City Treasurer& Director of Finance <br />