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Hastings Utility sees modest insurance renewal rise; key changes to wind/hail deductibles
Summary
City insurance advisors told the Hastings Utility Board that the utility’s 2025–26 insurance renewal will be roughly 5% higher overall, driven by excess liability costs and a change to wind/hail deductibles that removes last year’s $1,000,000 cap at major sites.
Insurance advisors for Hastings Utility told the board on Sept. 11 that the utility’s property and liability renewal for the Oct. 1, 2025–Sept. 30, 2026 policy year will be slightly higher than last year. The presenter said the combined renewal is “right about a 5% increase over last year’s total.”
The utility’s property coverage is written by FM Global with a blanket policy limit of $450 million; presenters said the total insured property value across utility sites is just under $500 million and noted FM Global’s valuation approach uses replacement-cost estimates. The presenter said the…
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