Committee recommends authorization to buy FY26 insurance up to $1.5 million
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Summary
The committee recommended an ordinance authorizing staff to purchase property, casualty and liability insurance programs for FY26 with total expenditures up to $1.5 million, allowing staff to move more quickly in a competitive market.
The Finance & Budget Committee recommended to city council Ordinance TMP-3344, authorizing the city to purchase property, casualty and liability insurance programs for fiscal year 2026 with total expenditures up to $1,500,000 and authorizing the city manager to execute necessary documents.
Ed Rucker, chief counsel for management operations, described the change as adapting the insurance procurement process to allow the city manager (and staff) to act more quickly and avoid losing favorable quotes in the market. Rucker said staff had followed a suggestion to structure the authority similar to bond‑sale authority so staff would not have to return to elected officials to approve a specific number each year.
Rucker said staff had secured quotes on crime, inland marine property, and public entity coverage and were still seeking quotes for excess property and cyber coverage. He said using the new authority would allow staff to accept offers that require quick action. "That's an obvious and brilliant idea, and so we stole it," Rucker said, crediting a staff suggestion.
Committee members voted to forward the ordinance with a recommendation of approval.
