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Board committee approves $1.78M property-insurance renewal with $50M per-occurrence limit; named‑storm sublimit raised to $12.5M
Summary
Committee recommended the board accept a property-insurance renewal placed through USI Insurance Services Inc.; the package provides $50 million limits per occurrence, $12.5 million named‑storm sublimit, and an annual premium of $1,777,995 effective April 27, 2025; committee voted to approve with no objections.
The Finance, Insurance and Section 16 Lands Committee recommended that the board accept a property-insurance renewal placed through USI Insurance Services Inc., offering $50 million limits per occurrence with a $12.5 million sublimit for named storms and a stated annual premium of $1,777,995.
Committee materials presented a motion that specified a $100,000 deductible per occurrence for all perils except named storms, where a deductible equal to 5% (subject to a $500,000 minimum)…
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