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City briefed on insurance market; council places insurance procurement and underwriting services on consent
Summary
CBIZ vice president Michael Perry told council rising market rates are pressuring property rates; the council placed insurance procurement (including Ord. 2025‑153 and a health‑insurance broker contract) on the consent agenda for adoption.
Michael Perry of CBIZ told the Independence City Council the municipal insurance market has hardened for property coverage. He said the city currently insures about $60 million in property — with many older buildings — and that the city's low historical claims experience had produced an unusually low fire rate (about 9¢). Perry said current marketplace quotes for comparable coverage were closer to 20¢, which would materially increase property premiums. He also described the city’s composite auto calculation and noted coverage elements including cyber insurance and a $5,000,000 umbrella with legal‑fees coverage.
Council used the presentation to place Ordinance 2025‑153 (authorizing procurement of property, liability, cyber and other coverages through Selective Insurance and other carriers) on the consent agenda. Separately, the council later adopted Ordinance 2025‑136 accepting the James B. Oswald Company as insurance broker for city health‑care coverage for 2026 (roll call recorded).
Council members asked technical questions about valuation methods (the city uses agreed value adjusted for inflation; no new formal appraisals were done) and vehicle counts in the fleet (reported as 125 vehicles). Perry said carriers inspected properties and the administration has been updating values by inflation since the last appraisal.
