CITY OF LAGUNA NIGUEL NOTES TO BASIC FINANCIAL STATEMENTS JUNE 30, 2024 NOTE 8 LIABILITY, WORKERS’ COMPENSATION PLAN, AND PURCHASED INSURANCE (CONTINUED) B. Primary Self-Insurance Programs of the Authority (Continued) orkers’ Compensation Program (Conti Primary W nued) For 2023-24 the Authority’s pooled retention is $1 million per occurrence, with reinsurance to statutory limits under California Workers’ Compensation Law. Employer’s Liability losses are pooled among members to $1 million. Coverage from $1 million to $5 million is purchased through reinsurance policies, and Employer’s Liability losses from $5 million to $10 million are pooled among members. C. Purchased Insurance gal Liability Insurance Pollution Le The City participates in the pollution legal liability insurance program which is available through the Authority. The policy covers sudden and gradual pollution of scheduled property, streets, and storm drains owned by the City. Coverage is on a claims-made basis. There is a $250,000 deductible. The Authority has an aggregate limit of $20 million. Property Insurance The City participates in the all-risk property protection program of the Authority. This insurance protection is underwritten by several insurance companies. The City property is currently insured acco y to rding to a schedule of covered property submitted by the Cit the Authorit y. The City property currently has all-risk property insurance protection in the amount of $145,378,540. There is a $10,000 deductible per occurrence except for nonemergency vehicle insurance which has a $2,500 deductible. Crime Insurance The City purchases crime insurance coverage in the amount of $1,000,000 with a $2,500 deductible. The fidelity coverage is provided through the Authority. D. Adequacy of Protection one of the above programs of protection experienced During the past three fiscal years, n settlements or judgments that excee ded pooled or insured coverage. There were also no eductions in pooled or insured liability coverage significant r in 2023-24. (60)