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<br />Preview <br /> <br />Page 2 of2 <br /> <br />account representative (Jim McGinn CPCU, RMPE) is based in Fort Lauderdale. With over 600 <br />members, the FMIT is the undisputed leader in the field of local government insurance. <br /> <br />PREMIUMS <br /> <br />Premiums are based on several factors. Since benefits are based on an employee's earnings, the <br />total payroll of the City is taken into consideration. The payroll is then broken down by <br />classifications and a rate is applied to each classification, based on the amount of risk of someone <br />in that classification gets injured while on the job. For example, a police officer is considered a <br />higher risk for ajob related illness or injury than an accountant. This brings us to the next factor- <br />the rate. A rate is applied to the payroll earnings for each classification. The rate for police <br />officers is considerably higher than that of an accountant - $3.77 vs. $.37 (rates are per $100 of <br />earning/employee) After rates are applied to all of the classifications and summed up, an <br />experience modification factor is applied to that total. The experience modification factor is <br />based on the claims history of the City. The higher the claims, the higher the mod factor and the <br />higher the premium. An experience mod of over 1.0 is considered high while a mod of 1.0 or <br />lower means our claims experience has been good - few injuries and illnesses. Lastly, there are <br />discount factors that are only available from trusts such as PGIT and FMIT for a drug free <br />workplace, safety credit, etc. <br /> <br />FUNDING SOURCE: <br /> <br />Funding is provided in the FY 2009/1 0 budget. <br /> <br />ATTACHMENTS: <br />. Resolution <br />. Renewal Quote <br />. Premium Breakdown <br /> <br />http://sibagenda.sibfl.net/agenda/Preview.aspx?l temID=7 6&MeetingID=0&MeetingDate=9... 9/8/2009 <br />