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Commission approves $1,125,109 comprehensive insurance renewal with Iron Insurance Partners
Summary
The commission approved a comprehensive insurance renewal negotiated by Iron Insurance Partners (formerly Al Shank Insurance) with total premium $1,125,109; the renewal keeps several coverages in place amid market rate pressures, staff said.
The Liberal City Commission approved a comprehensive insurance renewal for the city through Iron Insurance Partners with a total premium of $1,125,109.
Vice Mayor Landry moved to approve the renewal and Commissioner Vasquez seconded; the commission adopted the motion following an amendment to include the specific amount.
RJ Meyer of Iron Insurance Partners presented the renewal and walked commissioners through coverages and industry trends. Meyer said the city's experience in workers'compensation is favorable: "your mod is excellent. It's 0.65, so the nice thing about that...you're 35% better than your peers in the same industry," he said, attributing the rating to the city's safety record and staff efforts. He told commissioners property valuations rose slightly (blanket commercial property valuations moved from about $122,000,000 to approximately $123,000,000) and that property market rates and building material costs have driven higher property insurance costs this year. He also discussed earthquake blanket coverage and said the city has a $25,000,000 blanket limit that applies to specified buildings and that staff (Scarlett and Elsa) have been working on the schedule.
Meyer reviewed general liability and cyber-liability considerations, noting the market has tightened on liability and cyber exposures and that the city will evaluate carriers before next year's renewal; he referenced Lloyd's of London and other carriers as part of that review. He said the city's auto liability single-limit coverage is $1 million and that other lines, including liquor and airport liability, were included in the package.
Commission discussion praised Scarlett and her team for the city's loss-control record; one commissioner called the modest overall increase a good result in a hard market. Following the presentation and Q&A, Vice Mayor Landry moved to approve the renewal in the stated amount; an amended motion that included the $1,125,109 figure was made and seconded. The commission approved the motion unanimously.
The renewal was carried by motion and vote; staff said they will provide final, fully completed policy documents to the city's account manager (Scarlett) to reconcile missing schedule details and ensure coverages match the city's values before issuance.
