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Board approves Travelers cyber-insurance policy at $7,407 annually
Summary
The Board of Aldermen approved a one-year cyber-insurance policy through Travelers for $7,407, a slight decrease from the prior year; aldermen voted to authorize staff to finalize the purchase.
Pacific — The Board of Aldermen on June 3 approved a one-year cyber insurance policy with Travelers for $7,407, covering the city’s expiring policy.
Mayor (name not specified) announced the city’s current cyber policy expires at month’s end and presented a Travelers quote of $7,407 per year — an approximate $128 decrease from the prior year’s premium. “That is actually a decrease of about a $128 from last year,” the mayor said while asking for a motion to proceed.
Alderman Madrigal made the motion to approve the Travelers policy; an additional alderman seconded. City staff and Attorney Jones confirmed that a motion was sufficient to authorize the purchase and that a separate written resolution was not required. The board voted by voice and the motion carried.
City attorney and staff indicated cyber insurance is a niche product with fewer bidders and that Travelers has been used previously. No additional coverage details (policy limits, deductible, or specific coverages) were provided at the meeting transcript.
The purchase was authorized so staff may execute the contract for the upcoming policy year. No further administrative conditions were recorded at the June 3 meeting.
