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Augusta approves $613,107 insurance renewal after broker negotiates lower premiums
Summary
Council accepted ICI Insurance's proposal to renew the city's 2025 insurance program for $613,107 after staff and broker negotiated reductions; city staff and broker described the increase as driven primarily by updated property valuations for the power plant.
The Augusta City Council voted March 3 to accept the city’s 2025 insurance renewal proposal from ICI Insurance for $613,107, excluding flood policies. City staff said the figure is lower than an earlier estimate after the city’s broker worked to reduce premiums and spread an equipment valuation increase over two years.
Bridal Jones, city clerk and director of finance, told the council that the earlier proposal would have been $639,152 but that broker work produced a revised total of $613,107. “After I met with Ryan and Josh last week, Ryan continued to…
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