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Madison City approves 2026 property-casualty renewal; staff authorized to finalize up to $480,000
Summary
The Madison City Board of Public Works and Safety approved staff to finalize and execute the 2026 property and casualty insurance renewal with a maximum premium of $480,000. Brokers said continuity with current carriers and the city’s risk controls helped secure terms; staff will finalize deductibles and auto schedules with underwriters.
Madison City’s Board of Public Works and Safety voted Jan. 5 to authorize staff to finalize the city’s 2026 property and casualty insurance renewal with a maximum premium of $480,000.
Mayor opened the discussion and invited staff and brokers to brief the board. Mindy, city staff, told the board the proposal reflects an increase of just over 11% from current premiums and that the administration had budgeted for a 15% rise. Greg, an insurance representative, said the city’s “loss experience” and risk-mitigation work helped retain the city’s existing carriers: Selective for liability and Chubb for property. “We’re not looking to make any changes in your property or liability carriers,” Greg said, describing retention of carrier continuity as a positive outcome for municipal coverage.
Brokers walked the board through notable changes in terms: the city retains many lines on a per-occurrence deductible rather than per-location, and the proposal includes a wind-and-hail peril deductible of $50,000 per occurrence and a $50,000 discharge-of-water deductible (the city experienced a water-related loss last year). On cyber coverage, brokers presented two primary options: remain with the city’s current cyber carrier at a $3 million limit with a $5,000 retention, or accept a Travelers option at the same $3 million limit but with a $10,000 retention and different sublimits for computer fraud. Andy, an insurance adviser, said Travelers’ platform could provide coordinated crime/cyber services and vendor partners in the event of a breach.
After questions from the mayor and members about market drivers and whether recent flood losses affected the city’s renewal, the mayor moved to approve the renewal with a maximum premium of $480,000 to allow staff flexibility in finalizing endorsements and audit adjustments. The motion was seconded and passed. City staff said they will complete final underwriting items (auto schedule updates and a few endorsement clarifications) before executing the contract.
Next steps: staff will return with final pricing and any material endorsement changes once underwriting completes its review. The board’s authorization allows staff to accept final terms up to the approved cap without returning for a separate vote.
