Council hears insurance proposal from Prevare; agrees to obtain competitive quotes before renewal

Scott Federico of Prevare Insurance (Bismarck) presented a review of Lincoln’s current insurance structure and a proposal for how the city might adjust coverages and deductibles ahead of a March renewal.

Federico said he reviewed the city’s current policies with the North Dakota Insurance Reserve Fund and identified potential opportunities to tailor coverages and to lower premiums by raising selected deductibles (for example, automobile deductibles). He also highlighted potential discounts tied to a state cybersecurity initiative and noted inland marine (mobile equipment) and equipment-breakdown coverage as items the city should confirm are in place. He clarified that property coverage through the fire/tornado fund renews on July 1 and the North Dakota Insurance Reserve Fund policies renew on March 7.

Council members asked questions about deductibles, inland marine (mobile equipment) scheduling versus blanket coverage, bonding funds, and the agent’s post-renewal service model. Federico said typical service includes an annual pre-renewal review and ongoing support to help the city manage exposures and claims.

Council direction: members asked staff to solicit a competitive quote in addition to the Prevare proposal and bring comparative packets to the Feb. 20 council meeting so the council can weigh options before the March policy renewal. No change of primary agent was approved at the Feb. 6 meeting; the council agreed to obtain at least one additional quote and return with comparative information.

Ending: The council requested staff to gather at least one competitive quote and to place insurance comparisons on the Feb. 20 agenda so members can decide before the March renewal.