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Finance committee approves renewed city insurance package, opts for expanded crime coverage
Summary
The Homewood City Finance Committee approved a full insurance renewal that switches some crime coverage to Hiscox and keeps a $500,000 crime limit under a new vendor option; the overall premium rose about 6.8% and several deductibles increased.
Homewood City’s Finance Committee on Jan. 27 approved the city’s annual insurance renewal package, selecting an option that replaces part of the prior Travelers-only coverage with policies from Hiscox and other markets and preserves a $500,000 crime limit rather than accepting a $25,000 offer from Travelers.
The committee’s action, approved 4-0, covered the full suite of city policies presented by the meeting’s presenter and staff. Committee members approved option 1, which maintains a $500,000 crime limit with a premium in line with the city’s budget rather than…
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