Tag: CS Insurance Strategies

With $1.4M in Outstanding Insurance Claims, Maywood Looks to Improve Risk Controls

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A chart detailing Maywood’s paid, outstanding and total incurred expenses from insurance-related claims that date back to 2011. | Insurance Program Managers Group 

Saturday, February 25, 2017 || By Michael Romain || @maywoodnews

Going back to 2011, Maywood has incurred $3.7 million in expenses related to medical and professional liability insurance, with nearly 230 claims having been filed since then. So far, the village has paid $2.3 million, and owes $1.4 million, on those claims.

The majority of the village’s insurance-related expenses come from the police department. Since 2010, the department has incurred $2.2 million in insurance-related expenses, with $1.1 million still to be paid.

The department has dealt with 74 claims over seven years, roughly half of them related to professional liability, which is, by far, the most expensive type of claim. Professional liability claims amount to almost all of the department’s incurred losses.

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The fire and public works departments generate the majority of the village’s remaining insurance-related expenses.

During a Feb. 15 Legal, License and Ordinance Committee (LLOC) meeting, Mark Walters, of CS Insurance Strategies, said that the 2015-16 policy period was a particularly active one for workmen’s compensation claims. During that year, the village incurred $1.4 million in losses on 41 claims. Roughly half of that amount was related to professional liability.

Walters said that the village is responsible for the first $650,000 of each claim, so “that’s coming dollar for dollar out your budget and it’s not really discretionary spending.” He added that the village should do “everything we can” to mitigate insurance-related expenses. 

Tom Collins, of Mesirow Insurance Services, said that his company will work with each village department to review safety policies and procedures, identify any shortcomings and suggest improvements.

Collins said that employees will also undergo ergonomics training and that proper lifting techniques will be reviewed in order to cut reduce the amount of back and neck injuries.

I’m glad to hear you focus on that and I do think we need as much mitigation as possible for those kinds of things,” said Trustee Michael Rogers, adding that board members often discuss liability issues in executive session and often wonder what measures can be implemented to reduce claims. VFP

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Board May Vote to Authorize Balanced FY 2015-16 General Fund Budget at Meeting Tonight, April 21, 7 PM (Agenda Inside)

hearing noticeTuesday, April 21, 2015 || By Michael Romain 

The Maywood Board of Trustees is expected to vote on an ordinance approving the FY 2015-16 budget at a regular board meeting tonight, April 21, 7 PM, at 125 S. 5th Avenue.

To access the agenda, click here.

After putting forth a proposed budget that would have run a deficit of $567,200, former Acting Village Manager David Myers made a variety of cuts.

He reduced the amount of money the mayor requested for special events; he didn’t include the mayor’s request for a vehicle to replace the one she currently drives around in; he didn’t include a Board of Police and Fire Commission request to increase the hours of their part-time clerical worker from 20 to 35 hours; and he didn’t include that Commission’s request to be compensated more for their services, among other line item cuts.

The cuts amounted to the elimination of the preliminary $567,200 deficit in the upcoming budget for the village’s general fund, which covers day-to-day  operating expenses.

“The proposed budget provides the necessary funding to continue operating the general municipal services and to provide for health, safety and welfare of the residents and business of the Village of Maywood,” according to an April 15 memo.

“The total operating budget for the Village of Maywood is projected to be $37,055,326 in expenditures. Total revenues are project to be $37,055,326, which creates a balanced budget for fiscal year 2015-2016. The General Fund revenue for this budget year is projected to be $22,417,718.00, while the expenditures are $22,417,718.00, which creates a balanced General Fund Budget.”

Village could replace its current insurance broker with a minority-certified broker

At the April 15 meeting, the village entertained a pitch by CS Insurance Strategies, an insurance brokerage firm headed by Proviso Township Dist. 209 alumnus Charles Smith and based in downtown Chicago. Smith’s company proposed replacing the village’s current broker, Assurance, which is has offices in Schaumburg and Chicago. VFP