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Insurance agent reports 6% renewal increase, flags property premiums and deductible options
Summary
City's insurance renewal with City County Insurance Services rose about 6%; broker Alainco highlighted rising property premiums, a small decrease in cyber costs, improved workers' compensation rating (AMR) and presented deductible options the council could consider to reduce premiums.
The city's annual insurance renewal increased about 6% over last year, with the largest jump in property coverage, Alainco representatives told the City Council June 18.
David, an Alainco representative, told the council the City County Insurance Services (CIS) pool remains the city's primary insurer and said insurers are increasing property replacement costs. "We went back to City County Insurance. In fact, we were still talking to them about 2 hours ago about this. We couldn't get them to budge on that number," he said.…
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