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Committee approves $1.02 million insurance renewal; no coverage reductions
Summary
Staff recommended and the committee approved a $1,016,689 renewal for the city—s property, liability, auto and workers' compensation insurance for the coverage year beginning Dec. 1, representing a 6.7% decrease from the prior year. Staff said Travelers and IPRF remain primary carriers and a $20 million umbrella policy is retained.
Bill Hanna presented the city—s annual insurance renewal recommendation to the Government Operations Committee, covering property, workers' compensation, liability, auto and related lines for the coverage year beginning Dec. 1. Hanna said the overall renewal is $1,016,689, a 6.7% decrease from the prior year, and that staff found no negative changes to deductibles, self‑insured retentions or other coverage parameters.
Hanna said the city will retain Travelers for most lines and the Illinois Public Risk Fund (IPRF) for workers' compensation coverage, and that the city continues to carry a $20,000,000 umbrella policy directly with Travelers. Staff recommended approval of the renewal and emphasized the favorable market result given recent volatility in insurance markets.
A motion to approve the renewal was made and seconded; roll call votes were announced in the meeting record as affirmative and the motion carried. Hanna and staff did not propose changes to coverage terms or retention levels during the presentation.
