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County explores adding arts venues to property insurance pool to cut premiums for small organizations
Summary
Risk staff told the Board adding arts venues into the county's insurance pool could lower individual venue premiums from 'hundreds of thousands' to roughly $1,500–$2,000 per year, but county exposure on pool premiums after a loss and the $25,000 deductible are important tradeoffs.
Risk services staff outlined an option to allow local arts venues to apply to be added to the county's property schedule administered through the Prism pool. Britney Inks said each venue would apply through the county broker, be appraised, and—if accepted—be folded into the pool’s annual premium schedule. She estimated that smaller venues might reduce property insurance from tens or hundreds of thousands of dollars down to approximately $1,500–$2,000 per year, with an approximately $25,000 deductible per property.
Inks cautioned that including additional properties in the county pool could increase the county’s overall premium if a member of the pool suffered a large loss, because the pool’s premiums are experience‑rated across many public entities. Board members discussed cities’ roles, whether city‑owned venues should be included, and the possibility that venues would pay their share of any premium increase. The county emphasized participation would be voluntary and that venues would still need separate liability insurance.
The Board directed staff to continue exploring the option with the county broker, consult affected cities, and return with appraisal findings and estimated premium impacts before any formal action.
Next steps: staff will work with the broker, appraiser and interested venues and return a detailed staff report and options for Board consideration.
