City of Peekskill Committee of the Whole Meeting Agenda Packet 2026-05-26
City Proposes PERMA Workers’ Compensation Renewal
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Description
The City of Peekskill Finance Department proposes renewing its workers’ compensation insurance program with PERMA for June 1, 2026 through May 31, 2027 at a premium of $999,720 under a First Dollar Indication plan with a $2,500,000 self-insured retention for the Police Department. An alternative no-retention option at $1,300,676 was reviewed but deemed more costly than current police workers’ compensation case expenses.
Contract Details
Contract Amount
$999,720 (2% discount if paid by 6/1); option at $1,300,676
Vendor
PERMA
Agency
City of Peekskill, NY
Contract Type
INSURANCE
Document Date
May 26, 2026
Contract Term
June 1, 2026 – May 31, 2027
Renewal Date
2027-05-31
Renewal Info
Recommended renewal of existing PERMA workers’ compensation coverage on a First Dollar Indication basis with a $2,500,000 self-insured retention for the Police Department; includes an early-payment discount if paid by June 1, 2026. Future renewals expected annually based on loss experience and market conditions.
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