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Cleburne County commissioners consider short-term binding with insurer after steep premium increases
Summary
At an emergency meeting, commissioners discussed a temporary payment plan and higher deductibles to bind property, vehicle and equipment coverage with Parnell Insurance while staff seeks lower rates, citing a recent, large premium increase and risk of policy lapse.
Cleburne County commissioners held an emergency meeting to decide how to keep the county's property, vehicle and equipment insurance in force after the county's broker reported a large premium increase and limited market responses.
Lisa, identified in the meeting as the county's insurance contact, said: "As you all know, I talked to you about this at the last meeting, that we had a significant increase somewhere on the order of a 100 and 25% increase in property insurance." She told commissioners the county's longtime underwriter is no longer writing municipal property policies and that the broker had received very few offers.
The discussion centered on whether to bind an interim policy with Parnell Insurance and use a payment-plan structure that would give county staff time to seek alternative lower-cost offers. The broker initially quoted roughly $155,000, Lisa said, and later reduced that amount somewhat while continuing…
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