MEMO
TO: CITY COUNCIL
FROM: LISA ROOS, CITY CLERK
SUBJECT: DIBUDUO & DEFENDIS INSURANCE BROKERS
DATE: 6/14/2022
RECOMMENDED ACTION:
Approve the invoice in the amount of $16,645.36 payable to DiBuduo & DeFendis for Employment Practices Liability Insurance effective 7/1/2022 to 7/1/2023.
BACKGROUND:
The City of Ripon has had Employment Liability Insurance (EPLI) since January 2015. We have been using DiBuduo & DeFendis since inception and have been pleased with the services they provide.
In June 2018, staff requested quotes from other insurance brokers, including DiBuduo & DeFendis.
None of the other brokers could match the premium by DiBuduo & DeFendis, so we continued with their services of providing EPLI for that fiscal year.
Below is a table of premiums that have been paid for EPLI insurance in the most recent years along with the annual increases.
Fiscal Year Premium Increase
2016-2017 $13,379.52
2017-2018 $13,379.52 0%
2018-2019 $13,387.36 0%
2019-2020 $14,122.56 5%
2020-2021 $14,544.22 3%
2021-2022 $15,417.43 6%
2022-2023 $16,645.36 8% Proposed
Per our insurance broker, there is an increase in premium due to an increase in population and employees, increase in water/sewer utility revenues, and company mandated increase.
DISCUSSION/ANALYSIS:
We have received a quote from DiBuduo & DeFendis for EPLI for fiscal year 2022-2023. The premium increased by 8% compared to last year.
Staff will continue to monitor increases and go out to the market to request proposals when necessary.
FISCAL IMPACT:
The fiscal impact is $16,645.36 from the General Fund.