Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Insurance topic
No spam. Unsubscribe anytime.
City hears insurance renewal overview; council approves FY2025‑26 coverage
Summary
Insurance brokers from FNIC reported a roughly 6% year‑over‑year premium increase for city coverage and highlighted the city's strong workers' compensation experience mod of 0.61; the council approved the insurance renewal 7‑0.
Hastings City Council approved the city's fiscal‑year 2025‑26 insurance renewals after a presentation by FNIC Insurance Group.
Jeff Scanlon and Mark France said the renewal reflected approximately a 6% increase in total premium year over year, driven about half by rate increases and half by exposure changes such as higher building limits. They noted the city’s favorable workers’ compensation experience mod of 0.61 and described the city’s carriers: Travelers (primary), Covis (cyber for the utility), FM (property) and Aegis (excess).
Mr. Scanlon described how property markets and wind/hail deductibles shaped recent renewals and said the overall environment was stabilizing. Mr. France added that at present insurers do not reliably price electric vehicles differently and advised caution on storing EVs indoors because of potential battery hazards.
After questions from council about employee medical coverage and other specifics, council voted to approve the insurance coverage for FY2025‑26 by a 7‑0 vote.
