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Freeport council approves lower-premium windstorm policy, seeks broader options
Summary
City Council approved a renewal of windstorm coverage for three municipal properties at a 3% deductible to lower the premium, while staff was asked to seek other brokers and report back on regional practices and outstanding FEMA recovery work.
The Freeport City Council voted unanimously May 19 to renew a supplemental windstorm insurance policy for three municipal facilities at a 3% deductible, lowering the city’s immediate premium obligation while staff pursues additional market options.
The item covered renewal quotes from ICAT delivered through broker Victor Insurance Managers. Staff reported the 1%-deductible premium last year would have been $72,040.55; the 3%-deductible premium approved by the council is $44,635.94 and a 5% deductible would have cost $28,608.75.
The council heard from Miss Hurst, who presented the coverage options and recommended the 3% deductible to help preserve the city’s long-term financial sustainability. “The cost of the…
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