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Council approves annual insurance renewals; city sees net decrease after deductible reduction
Summary
The city renewed multiple insurance lines with broker USI; staff reported a roughly 4% overall premium decrease and reduced wind/hail deductibles from 5% to 3%, improving the city's catastrophe exposure.
The Amarillo City Council approved the city's annual insurance renewals after a presentation by the city's broker, USI Southwest, on market conditions and changes in coverage.
Rob Pridemore of USI told the council the marketplace has been hard for property insurance but that the city's renewal produced a roughly 4% overall premium decrease; property coverage savings accounted for most of that reduction. Pridemore said the city reduced wind and hail deductibles from 5% to 3%, which lowers the city's out‑of‑pocket…
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