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Finance committee approves city insurance renewal; picks policy adding broader crime coverage
Summary
Homewood City finance committee approved a one-year renewal of the city's insurance program and chose an option that replaces Travelers' reduced crime limit with broader coverage through Hiscox, with modest overall premium increases and higher deductibles.
The Homewood City Finance Committee on Jan. 27 approved a one-year renewal of the city's insurance package and selected an option that replaces a sharply reduced crime limit previously proposed by Travelers with broader coverage from Hiscox.
Margaret Ann, the insurance presenter for Morgan & Pieburn at Cobbs Allen, told the committee Travelers had offered only $25,000 for crime coverage after a large claim last year. "Not surprisingly, Travelers decided with the large crime claim that Homewood had last year, this year, that they only wanted to offer $25,000 instead of $500,000," Margaret Ann said. The committee considered two market options and was advised the alternative policy provides broader…
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