Workers compensation excess insurance coverage

Workers compensation excess insurance coverage

Becky Maginnis, County Risk Management Administrator brought this request to the Board of County Commissioners, for an Increase in Workers' Compensation self-insured retention from $400,000 to $500,000, before the Board. Renewal options from the present carrier, Midwest Employers Casualty Company offer current $400,000 retention amount at an annual premium of $168,854, an additional $3,909 over last year's premium, or $500,000 retention amount at an annual premium of $137,944, a reduction of $27,001 over last year's premium and $30,910 over the renewal amount for the $400,000 retention.
The recommendation is for the increase of the retention amount and increased risk balanced by performance of a new third party administrator, The Schaffer Companies, and past history. In the last 10 years there has only been one claim that has reached the retention limit, a 2000 claim that is $42,000 over the $300,000 retention. The measure was approved by unanimous vote.