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Council authorizes staff to add parametric earthquake insurance option after presentation on quick liquidity
Summary
Council voted unanimously to authorize staff to add a base-level parametric earthquake insurance option, citing the product's ability to provide quick discretionary funds after an event; staff noted an annual premium estimate and a response deadline from the risk pool.
The Rio Veil City Council voted 5-0 to authorize staff to add a base-level parametric earthquake insurance option after staff described how the product could provide quick liquidity after seismic events.
City staff relayed a proposal presented to the joint risk pool (SCORE) by K2 Parametric Insurance Services. The staff summary gave a sample annual cost of $13,730 for a coverage…
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