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City insurance premium rises about 11% as coverage expands; staff explains added assets and vehicles
Summary
City staff told council the FY2025 insurance renewal rose to about $1.459 million, an increase driven largely by added assets (about $27 million) and 69 additional vehicles rather than a rate spike; staff also said liability coverage quote came in lower than initial estimate.
City staff told the Tuscaloosa City Council that the city's insurance renewal for fiscal year 2025 will total about $1,459,433, an increase driven primarily by newly added assets and vehicles rather than an overall rate jump.
Scott, who briefed the council on projects and finance items, said the expiring premium was roughly $1,684,030 and the new premium came in at $1,459,433. He said the difference includes coverage for added assets and…
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