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Committee reviews insurance bid options, considers swapping excess risk to reduce SIR and premiums
Summary
The committee reviewed two insurance options and discussed swapping the excess‑risk layer to shift from a $1 million self‑insured retention (SIR) to a $500,000 SIR and move liability placement to a new carrier (Palomar); staff were asked to follow up with the broker for changes before renewal.
Sumner County’s Self Insurance Board Committee revisited recent insurer bid results and discussed restructuring coverage layers to lower the county’s self‑insured retention and premium.
Staff reviewed the two options previously presented and told the committee that by pulling liability coverage out of one bid and placing the excess portion with the other option, the county could reduce its SIR from $1 million to $500,000 and materially lower the…
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