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Commission renews property and casualty insurance; large rebate reduces net premium to under $300,000
Summary
The commission approved a one‑year extension of property and casualty coverage through the Michigan Municipal Risk Management Authority/IVEX, with staff noting an anticipated rebate of about $770,000 that reduces the net premium to under $300,000.
The commission approved a one‑year extension of the city’s property and casualty insurance through the Michigan Municipal Risk Management Authority with IVEX Insurance Agency.
Steve Vicencio said the year’s premium quote exceeded $1,000,000 but the municipal authority’s year‑end experience rebate is expected to exceed $770,000, yielding a net premium under $300,000 for the year. Vicencio said the authority pools municipal participants and issues rebates based on experience.
No public comment was offered on the item and the commission approved the renewal by roll call.
