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Commissioners renew county insurance with Travelers; accept reserve and liquidity report
Summary
Morgan County commissioners approved a Travelers insurance renewal with an 11.4% premium increase to a total annual premium reported as $1,324,793.37 and accepted a reserve and liquidity compliance report.
Morgan County commissioners approved renewal of the county’s insurance with Travelers at a higher premium and accepted a staff report confirming the county’s reserve and liquidity policies are in compliance.
County staff said Travelers provided final renewal numbers showing a total annual premium increase of about 11.4 percent compared with the prior year. Staff attributed the increase mainly to property-and-equipment valuations (+~17%), liability (+~9%), and workers’ compensation adjustments after prior underreporting. Cybersecurity coverage decreased slightly. Staff reported the final annual premium as $1,324,793.37 and recommended proceeding with Travelers; commissioners approved renewal and authorized county staff (Josh Messmer) to sign renewal documents.
Separately, staff reported they had met and reviewed the county’s reserve and liquidity policy and found the county compliant; commissioners accepted that informational report by voice vote without further action.
Commissioners discussed shopping the insurance in future years as the market consolidates but said they were satisfied with Travelers’ service and reporting.
