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Madison City OKs new insurance package, authorizes mayor to sign up to $430,000
Summary
After a lengthy presentation on a hardening insurance market, the Board of Public Works approved a package combining Selective for liability and Chubb for property and authorized the mayor to sign final documents up to $430,000.
The Madison City Board of Public Works voted Jan. 21 to approve a new insurance package that pairs Selective Insurance on liability lines with Chubb for property, and authorized the mayor to sign final insurance documents provided the total premium does not exceed $430,000.
City officials and brokers pitched the combined proposal after a detailed review of market conditions and competing quotes. Broker Greg of Gardner Insurance told the board that the property market is driving large increases in pricing and that, "that 10% increase year over year is kinda flat in today's world." He and colleagues emphasized that fewer carriers remain willing to underwrite public-entity risks, which compresses competition and narrows policy options.
The board heard…
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