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Consultant: Independence should pursue $10 million liability limit; budget impact expected
Summary
City consultants and finance staff briefed council members on May 10 about the city’s general liability renewal options and recommended pursuing a higher $10 million limit with a $1 million self‑insured retention, with an estimated $835,000 premium increase relative to current budgeting.
City finance staff and an outside insurance consultant told the Independence City Council at a May 10 study session that the city has workable market options for renewing its general liability program and should consider returning to a $10 million excess limit subject to a $1 million self‑insured retention.
Bob Charlesworth, vice president of Charlesworth Consulting, summarized the market process the city’s broker used and said one market option represented by an A‑rated carrier could provide a $10 million limit at a price roughly 5% above the city’s current…
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