HomeMy WebLinkAboutTR-35-87 TOWN OF NEWCASTLE
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t 4} REPORT Fi 1e
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Res. # /r
By-Law #
MEETING: GENERAL PURPOSE & ADMINISTRATION COMMITTEE
DATE: MAY 19, 1987
REPORT #TR-35-87 FILE #:
SMECT:
LIABILITY INSURANCE PAYMENT FROM SELF-INSURED
LOSSES RESERVE
RECOMMENDATIONS:
It is respectfully recommended to Council the following:
1. That report TR-35-87 be received; and
2. That the amount of $1,034.85 be paid to the Guarantee
Company of North America to cover the Adjustor's fee
for claims within the Town's deductible level; and
3. That the Funds be drawn from the Town's Self-Insured
Losses Reserve account.
BACKGROUND & COMMENTS:
A deductible level of $5,000.00 on Liability Insurance was introduced
for the premium year July 1/86 to July 1/87 because of the associated
significant premium credit. As a result, the expenses relating to
claims that fall within the deductible limit, such as the Adjustor's
fee, are now the responsibility of the Town. To this point these
expenses have been paid out by the Town's Insurance carriers.
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TR 35 87 Page 2
The amount of $I,034.85 relates to the fees for the following claims
which have all been denied by the adjustor:
Loss Date Amount
----- ---'
a) Foley, Guy Aug. 22/86 $ 243.80
b) Armitage/Knrtekaae Oct. 05/86 282.40
c) Rent A Wreck/J.P. Reader Oct. 04/86 508.65
TOTAL
It is appropriate that the funds be drawn from the Self-insured
Losses Reserve account since the premium savings from the
introduction of the deductible level made up part of the I986
transfer to the Reserve.
Respectfully submitted, Recommended for presentation
to the Committee
W.R. Blanchard Lawrence4,11 Kotseff
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Treasurer Chief �d«�ioietzative Officer
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