Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the County Finance Insurance topic
No spam. Unsubscribe anytime.
Board renews ICAP coverage and raises property deductible to $25,000 to lower premium
Summary
The board authorized renewal of membership with ICAP and approved raising the county's property and auto physical-damage deductibles, following a presentation from the county's insurance broker about premium savings and options to buy additional excess liability coverage.
The Jackson County Board of Supervisors voted to renew the county's membership in ICAP and approved increasing the county's property and "all other perils" deductible to $25,000, a change the county's broker said would reduce the annual premium.
Joe Vins, an insurance representative with First Main Street Insurance, advised the board on the renewal options and recommended higher deductibles. "It would be my recommendation that the board consider increasing the all other perils deductible to $25,000 from a thousand," Vins said, explaining that the county historically has few small property claims and that the increase would yield substantial premium savings.
Vins and county staff described the policy's wind-and-hail structure: the county currently has a 2% wind-and-hail deductible but ICAP applies a cap so a single catastrophic event would not leave the county responsible for the entire 2% of total exposed values. Under the renewal, the county's maximum out‑of‑pocket for wind and hail for all assets would be $250,000, Vins said, an improvement from a previously higher effective exposure.
Board members discussed the trade-offs between higher deductibles and retained risk. Michelle (surname not provided), who spoke during the presentation, clarified how deductibles apply per building in a multi-building event. "It's 2% per building, and they base it off of the limit on the building," she said, describing how deductibles would apply in a tornado affecting many structures.
The board approved a motion to renew with ICAP and to raise the property and vehicle deductibles as presented. The motion — moved by Supervisor Nin and seconded by Supervisor Mike Steinas — passed on a voice vote. Chair Don Swinker said staff and the broker would return with comparative figures showing options to purchase additional excess liability limits if the board wanted them.
Why it matters: raising deductibles is the county's approach to reduce recurring insurance premiums while preserving coverage for large, catastrophic events. The broker also highlighted an inexpensive option to purchase additional excess liability coverage to protect against rising jury verdicts and larger liability exposures.
What happens next: staff will proceed with ICAP renewal at the approved deductible levels and will present figures for optional excess liability increases and for the savings/offset analysis at a later briefing.
