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Washington council delays insurance buy-down decision after split vote; special meeting set
Summary
City staff recommended renewing the city's property and casualty insurance with an increased deductible and presented optional "deductible buy‑down" policies. Councilmembers split on approving renewal without final buy‑down numbers; the motion to renew did not pass and a special meeting for June 23 was scheduled to review firm quotes.
City staff presented a renewal proposal for the city’s property and casualty insurance and recommended accepting a one-year renewal with an increased wind/hail deductible, but councilmembers split sharply on whether to approve the renewal without finalized "deductible buy‑down" pricing.
City staffer Sherry brought the proposal to the council and said the recommended renewal from Daniel & Henry reflected higher market rates and increased exposures, and that the property deductible for wind and hail would change from $10,000 to a minimum of $25,000 (or 2 percent on some buildings). Amy of Daniel & Henry described the deductible change: “The 2% is calculated on the value of the building that it that was damaged. And then the 25,000 that Sherry mentioned is a minimum on that.”
The city also presented optional deductible buy‑down policies from third‑party carriers that would reduce the city’s out‑of‑pocket deductible in the event of a loss. Staff…
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