Title
Insurance Policy C-AD36
Proposed Motion(s)
1. That Council approve revisions to Insurance Policy C-AD36, as presented.
2. That Council rescind Playschools - Insurance Policy RP 007.
Body
Administration Recommendation(s)
Administration supports the recommendations.
Purpose
Administration wishes to update Insurance Policy C-AD36 to include the subsidization of insurance costs for community associations and playschools (to support Council's initiative in November 2011 and subsequent budget approvals). Revised Policy C-AD36 also includes the eligibility requirements for insurance coverage for playschools, thereby eliminating the need for a separate policy that pertains to insurance for playschools (i.e., Playschools - Insurance Policy RP 007).
Summary
Parks, Recreation and Culture Services has reviewed Playschools - Insurance Policy RP 007, and supports its rescinding. Additional funding for playschools (other than covering insurance premiums) is provided in Nonprofit Organization Funding Policy C-RP14. Parks, Recreation and Culture Services recommends that previous eligibility requirements (for insurance funding) provided in previous Policy RP 007 (Item 1) be adjusted in the revised policy (Standard 3.a.iii), by replacing "75% of which must be County residents" to "with the majority being County residents."
In summary, Insurance Policy C-AD36 has been revised to:
1. include a sentence in the Policy Statement that the County may subsidize costs of insurance premiums for community associations and playschools, and
2. clarify eligibility requirements for playschools to qualify for insurance funding.
The Governance and Priorities Committee reviewed the revised policy at its December 2, 2014 meeting, supported the recommendations, however did indicate that they wanted the "subject to budget approval" removed from Insurance Policy C-AD36 policy statement. Administration has made this change.
Strategic Plan/Policy/Legal/Staff Implications (As Required)
Council's 2014-2018 Strategic Plan commits to ensuring Council policies are effective, responsible, and aligned with its goals and vision.
Financial Impact:
Cost: $470,509.16 Total Premiums Paid for Insurance (Oct 2013 - Oct 2014).
This total includes the following:
$393,573.42 Total Premiums Paid for County Policies (Oct 2013 - Oct 2014)
$ 72,601.61 Total Premiums Paid for Community Associations (Oct 2013 - Oct 2014)
$ 4,334.13 Total Premiums Paid for Playschools (Oct 2013 - Oct 2014)
Source of Funding: Annual Operating Budget