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County insurance broker outlines small premium increase, advises joining property pool for larger savings
Summary
Cadence Insurance representative told supervisors Harrison County faces a modest $5,000 increase this year across lines but could realize larger savings and better coverage by joining a multi-entity property pool planned to launch in April.
Harrison County's insurance broker summarized the county's 2025 renewals and recommended moving toward a multi-entity property pool that brokers say would produce larger savings and expanded coverage.
Frank (last name given as Bordeaux) of Cadence Insurance told the board the county faces a modest overall premium increase — "about $5,000 for all lines of coverage" — while property exposure had decreased, and several exposures (employee count, vehicles, drones) increased relative to prior years. "All of our exposures are up," he said.
Bordeaux said carriers are negotiating to enable the county to cancel one policy so the county can enter the proposed pool. He described a larger market capacity created by combining multiple public-entity accounts and said the pooled approach could yield materially lower premiums and broader coverage. "Collectively, with all entities, we're looking at about $3,000,000 savings and much, much better coverage," he said.
Board members asked questions about specific line items, liability, bond counts for deputies and the county's loss fund history; Bordeaux said the loss fund moved from 550 to 595 and noted it had been 650 three years ago. He offered to schedule a workshop with the full board after final pool documents and bylaws are reviewed by county counsel and the state insurance commissioner.
Why it matters: The county's insurance costs and coverage terms affect the budget and risk management. Pursuing a pool would require additional review of bylaws, carrier agreements and possible contract changes;
Next steps: Bordeaux said he will work with county administration to schedule a workshop for the full board after Harrison County counsel reviews the pool bylaws and the insurance commissioner completes a review; no formal action to enter the pool was taken at the meeting.
