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County hears insurance renewal briefing; ICAP property deductible capped at $250,000
Summary
An insurance advisor and local agency reviewed Franklin County's ICAP renewal, reporting a 4.71% overall premium increase to $403,005.97 and a change that limits the county's maximum wind/hail deductible to $250,000 for the coming policy year.
Tom Berto of the local agency and an advisor from First Main Street briefed the Franklin County Board of Supervisors on the county's annual insurance renewal through the Iowa Communities Assurance Pool (ICAP). The presenters described modest across-the-board increases but noted a major change to property wind and hail exposure.
The advisor said the market looks better than recent years and that, "the good news to your, earlier point, Chris, is these conversations the last couple of years have been, we dread them frankly because they have been such significant increases because of the insurance market. This year is quite a bit different and we're excited to share the information and the news with you." He told the board ICAP negotiated a maximum wind/hail deductible of $250,000 for Franklin County for the upcoming renewal term, replacing last year's model that could have left the county exposed to a 2%-of-value deductible across impacted assets.
Speaker 9 (insurance advisor) summarized county exposure and options: "So what you'll see is this year the maximum pocket exposure for Franklin County is at 250,000." He explained the figure is a function of the county's total insured assets and that the deductible is locked for the renewal period beginning Oct. 12 (renewal term cited as 10/12/2025 through 10/11/2026).
The presentation listed line-by-line renewal changes and optional coverages for the board's consideration. The advisor said cyber coverage has been carved out as a separate line this year and that a $250,000 cyber limit is shown at a cost of $3,284; higher limits were discussed but noted as subject to underwriting. He also noted that the county's annual premium under the proposed renewal and included service fees would be $403,005.97, a 4.71% year-over-year increase.
Board members asked about crime coverage limits and bonding; the advisor said the default crime limit included through ICAP is $10,000 and higher limits are available for additional cost or via separate underwriting. The advisors noted that ICAP provides substantial primary and excess liability limits (described during the presentation as $2 million underlying plus $13 million excess in the aggregate for typical liability exposures).
The board did not make any immediate changes to coverage during the meeting and accepted the presentation materials for review and follow-up with county staff.
The county's renewal paperwork is expected to be finalized after Oct. 12 when the ICAP renewal becomes effective and staff complete asset reconciliations and any requested endorsements.
