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Story County hears insurance renewal review; work comp mod credited with major savings
Summary
County staff and insurance representatives reviewed the 2025 renewal for property, liability, auto and workers' compensation coverage, noting a 0.66 experience modification that produced substantial savings and modest rate increases across key lines.
Story County supervisors heard a presentation on Aug. 5 about the county’s 2025 insurance renewals covering workers’ compensation, property, liability, auto and cyber liability. The presenters said the county’s workers’ compensation experience modification is 0.66, giving a 34% credit on work-comp premiums and about $110,000 in savings, and that the county’s overall insurance package showed modest increases this year. The presentation summarized claims history and premiums: the county had 15 paid workers’ compensation claims in the most recent year; a single large claim drove a recent spike in losses; payroll used to calculate work-comp premiums was about $20,208,000 this year versus about $20,600,000 the prior year; and the county’s municipal workers’ comp coverage is with IMWCA (Iowa Municipalities Workers’ Compensation Association). Presenters said the county’s work-comp program is a no-deductible guaranteed-cost plan under IMWCA. Presenters also reviewed other lines: auto claims averaged about 2.5 per year with average paid claim roughly $4,400; property values insured were listed at about $76.4 million for buildings and a total insured value near $95.8 million; the county has an excess liability umbrella and a newly purchased $3 million cyber liability policy with an associated premium described as about $18,000. Presenters said the county’s ICAP package premium increased roughly 5% this year and IMWCA work-comp premiums rose about 10%; the presenters summarized the county’s total premium change as about 8.9% year over year after discounts and credits. Supervisors and presenters distinguished claims-level discussion from budget impacts and thanked county safety and risk staff for maintaining low losses. No formal action was taken; the session was informational. Follow-up items noted in the presentation included ongoing claim management for several open liability and professional-employment claims and continuing coordination with the county safety committee.
