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Fort Smith board to consider renewal of city auto and property insurance after premiums rise
Summary
City staff recommended renewing coverage with the Arkansas Municipal League (AML) risk pool despite higher premiums and surcharges; board moved to place the renewal on the Feb. 18 agenda for a formal decision.
The Fort Smith City Board of Directors on Feb. 11 moved to place a renewal of the city's auto and property insurance on the Feb. 18 agenda after staff reported significant premium increases and recommended staying with the Arkansas Municipal League (AML) risk pool.
The city's chief financial officer, Andy Richards, and insurance consultant Philip Merriere told the study session that a hard national insurance market and large catastrophe payouts have driven up rates. Merriere recommended remaining with AML because it retains a $10,000 per-occurrence deductible that the private market generally will not offer, and because AML is a…
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