Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Salinas finance committee hears insurance briefing as premiums and retentions rise
Summary
City staff and an insurance broker told the Finance Committee Feb. 11 that Salinas is largely self-insured, participates in statewide joint-pooling arrangements, and faces a "hard" insurance market that has pushed higher retentions and premiums; liability costs for the current year were described as $2.4 million.
Feb. 11, 2025 — The Salinas Finance Committee received a briefing on the city’s insurance program from Alliance Insurance Services on Feb. 11, with the presenter saying the city is largely self-insured and that the insurance market is currently "hard," pushing up retentions and premiums.
The briefing, given by Connor Bogie of Alliance Insurance Services, outlined three primary lines of coverage for municipal operations — liability, workers' compensation and property — and said liability is the most challenged line. "We are in what's called a hard insurance market cycle, where terms are difficult, insurance premiums are high," Bogie told the committee.
The presentation said Salinas finances the first layer of most claims through self-insured funds, typically the first $1 million on liability and workers' compensation claims, and purchases excess coverage…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
