Fiscal Year 2019 Budget

154

Budget Impact: The city is a member of the Iowa Communities Assurance Pool (ICAP) for its primary insurance, liability and casualty insurance coverage. The city has been a member since April 1, 2014. Prior to that, the city had been with Employer's Mutual (EMC) for its coverage. The primary reason for the switch was in an effort to lower the city's overall cost while maintaining the level of coverage. ICAP provides property and casualty coverage to nearly 800 Iowa public entities, including 73 of Iowa's 99 counties. ICAP is a group self-insurance program for Iowa public entities, and it provides coverages and services tailored to the members' exclusive needs. The diverse membership of the Pool includes Iowa cities, counties, townships, 28E organizations, emergency management agencies, empowerment boards, county fairs, transit authorities and more. Each and every ICAP members benefits from the comprehensive coverages and extensive services that ICAP affords.

Future Concerns:

Historically speaking, the city generally has relatively low number of insurance claims. If the number of claims increases, the city may see an increase in premiums to help offset the claims paid out. All due diligence its taken in our operations to ensure that we provide services in a safe and effective manner in order to mitigate the need to file a claim.