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Council approves higher municipal insurance policies after briefing on rate surge
Summary
Parma council adopted two insurance ordinances that together increase the city's excess liability and property coverage amid a national municipal insurance market squeeze and higher deductibles for certain claim types.
The Parma City Council on Feb. 18 adopted two insurance measures after a detailed finance committee briefing that described sharp market-driven premium increases.
Council amended and passed Ordinance 214-24, authorizing municipal excess liability insurance through a package of carriers (Vantage Risk Specialty, Munich Insurance, Travelers, Tokyo Marine and Lloyd's of London) with an indicated total of $667,080 for the policy period. The…
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