HomeMy WebLinkAbout1986-07-01 Board of Selectmen Minutes i
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TOWN OF READING
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WORKERS' COMPENSATION SELF-INSURANCE
RENEWAL TERMS
JULY 1 , 1986
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j 1 ) Specific and Aggregate Stop Loss Coverage j
- Safety Mutual Insurance Co. Policy No. AGC-1188-MA
- July 1 , 1985 - July 1 , 1987 - Two Years with Continuous Option
July 1 , 1986 - July 1 , 1987 Payroll Estimate —$15,208,155 (5% increase)
Estimated Manual Premium - $25615,936
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° - Specific Retention - $175,000 ($150,000 Last Year) .S.M Minimum $225,000
- Reinsurance Rate 8.1% of manual (same last year)
Deposit Premium $20,812 plus 832.48 State Surplus Tax ($19,820 and j
�l 792.80 Tax Last Year)
2) Other Charges
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Murphy and Beane - $13,000 Flat Charge (same as last year)
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Loss Control - $ 5,760 Monthly Visits ( )
j' Management Information - $2,125 adjustable $25 per claim with $1 ,800
Minimum (Average 85 claims per year)
it ($1 ,750 last year)
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1821Y
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| June 30, 1986 ^
| __^ TOWN OF READING
| PROJECTED INSURANCE BUDGET
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JULY 1 ' 1986 TO JULY 1 ' 1987
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� �_] EXCLUDING W8RKERS COMPENS�TION
ACTUAL PROJECTED ACTUAL
POLICY 85-86 86-87 86-87
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Property $68,358 $102,537
Liability (TOWN) $50,000 $85,971 $60,000
Liability (RMLD) $85,752 $128,957 $156,00O
Automobile $78,970 $97,336 $831341
Boiler $4,662 $5~594 $5, 191
Umbrella (TOWN) $17,222 $16, 199 $0
Umbrella (RMLD) INCL $11 ,257 $102,800
Data Processing $3,815 $4,307 $4,248
Crime-3D Bond $2,529 $2,782 $2,672
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Faithful Performance $1 , 163 $1 ,279 $1 ,396
Official Bonds $1 , 183 $1 ,301 $1 ,221
Contract Bonds (RMLD) $30 $30
Public Off . (TOWN) $8,888 $17,778 $8,888
Public Off . (RMLD) $4,384 $8,766 $8,766 **
School Board Liability
Prepaid-3 Years to 1987
Law Enforcement Liab. $9,297 $18,500 $10,433
Accident Policy $1 ,420 $1 ,420 $1 ,420
Policy Audits/Changes $2,500 $2,500 $2,500
Loss Deductible Fund $25,000 $25 000 $25 000 / �� ` | /
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TOTALS: 1:365, 173 $531 ,514 $473,906
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** LIGHT DEPARTMENT PREMIUM IS ESTIMATED. '
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Oune 30,
TUM OF ,!
OULY 19 19B6 - allLY 1 , 19B-7
t GHT WATER
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A,op Loss insurance $4,7S7 $1 ,249 SB33 $13,943 $20,BI2
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L_oss chnntrz3l services $1 ,440 $720 $720 $2,SSO $5176()
Claim
E :r ; Administration
: . : . : ai . . e _ : :i $1 ,950 . 3 ._ . $6,500 , 13, ..°!,.Z".
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7,544 $126,367 1 BS 1607
Total $53,307 $15,415 $10,577 $150,6BO *229,97V
Forbudgetary
adequatethe S21+ insured Loss Fund of $B3,248 since said fund appears to
have
reserves
for present and future Workers ''
Compensation i :....i.:::: : 's ti'::::aThis reduction is transferred to theli i
line of "General Government" , ,