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Council authorizes 2025 insurance renewal; staff to explore higher deductibles
Summary
Council authorized renewal of the city’s property, casualty and liability insurance with the Public Entities Risk Pool of Ohio and directed staff to negotiate deductibles and gap coverage before finalizing the agreement.
The Loveland City Council authorized the city manager to enter into a 2025 insurance agreement with the Public Entities Risk Pool (PEP) of Ohio by recorded vote of 7-0, while discussing premium increases, deductible options and staff follow-up to see whether higher deductibles would materially lower the cost.
Director of Finance Mark Medler told council PEP’s renewal reflected increased values and recent asset additions, including a new ladder truck and other equipment; he said the city’s insured property value is roughly $45 million. The PEP proposal showed line-item increases across several coverage buckets and an overall premium increase of $19,919, about 16.3 percent over the prior year; a premium figure discussed in the meeting was approximately $141,894.
Council asked about deductible flexibility and whether raising deductibles (several council members suggested examining $5,000, $15,000 or higher options) would reduce the near-term premium increase. Staff recommended approving the renewal to keep coverage in force while pursuing deductible adjustments and noted PEP provides immediate replacement for totaled emergency vehicles. Council gave staff latitude to negotiate deductibles and obtain gap coverage while the resolution was finalized.
