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Park City council renews property and workers' comp insurance at $292,562
Summary
Council approved a one-year insurance renewal for property, casualty and workers' compensation coverage totaling $292,562, citing higher property values and increased claims as drivers of a 13% premium increase.
City staff presented the annual property, casualty and workers' compensation insurance renewal and the council approved the recommended policy renewal.
Staff reported the renewal quote of $292,562, a 13% increase from the 2024 quote, driven by higher property valuations, acquisition of new equipment and a rise in general liability claims. The staff presentation noted the city historically receives an annual dividend from EMC (Employees Mutual Casualty Company) in June; the three-year average dividend was reported as $27,808.93.
Councilman Jim Schrader moved to approve the proposal from Employees Mutual Casualty Company for $292,562 effective April 1, 2025; the motion was seconded and passed 8-0.
Staff said the city added $5,000,000 in coverage compared with the prior year; no changes to deductibles were reported. The approval authorizes staff to proceed with the renewal for the stated coverage and effective date.
