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AI# 11411
Regular City Council Meeting
6.10.
03/07/2023:
Information
Agenda Item
Resolution - Risk Management:
Consider a resolution authorizing and directing the City Manager to purchase, for and on behalf of the City of Lubbock, Medical Professional Liability coverage from Landmark Insurance Company, for which the premium amount shall not exceed $14,846.89.
Item Summary
Medical Professional Liability provides protection from the financial risks of practicing medicine, specifically the practice of administering vaccinations to the public. The City’s current policy offers a $2,500 deductible with a limit of $1,000,000 for each occurrence and a $3,000,000 aggregate, for a total premium of $12,799.39.
The renewal quote from Landmark Insurance Company was the only quote submitted, and it includes the same coverage as the current policy, with a renewal premium of $14,846.89, an increase of 16%.
Carriers bind coverage April 1, 2023, after notification of City Council approval. The inter-local agreement will be issued after premiums are received from the City. Current insurance policies are available in Risk Management.
Fiscal Impact
Funds are included in the FY 2022-23 Risk Management Fund.
Staff/Board Recommending
D. Blu Kostelich, Chief Financial Officer
Attachments
Med Mal resolution
Med Mal
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