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Committee asks staff to seek other quotes before approving three‑year SIVMIC insurance membership
Summary
The Finance Committee asked staff to pursue additional insurance quotes, including from the League of Municipalities, before authorizing continued membership in SIVMIC for policy years 2026–2028.
The Finance Committee on Aug. 12 discussed authorizing continued membership in SIVMIC for policy years 2026–2028 but asked staff to obtain additional information and quotes before proceeding.
Staff described SIVMIC as the city's mutual insurance carrier and said the committee has typically selected an option with a $500,000 self‑insured retention and an aggregate of $200,000. Tierney asked whether staff had sought alternative providers; staff said they reached out to the League of Municipalities for information about the league’s insurance program but had not yet received a response. Staff also provided an illustrative premium: "They're kind of telling us that, for '26, if we selected that 50 and 200,000, our premium would be 220,000," a staff member said.
Committee members agreed it would be prudent to obtain additional quotes and return the item to the next finance meeting with supplemental information. No membership authorization or vote to lock in the three‑year commitment occurred at the meeting; staff will report back with additional details.
