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Tuscaloosa committee approves renewal of city's $2.39 million insurance policy amid higher property values
Summary
The Litigation & Insurance Committee approved renewal of the city's primary property, fleet and general-liability policy. Staff said the premium rose from $1.95 million to $2.39 million—an increase of about $457,581—largely because of higher property valuations and rate increases.
The Tuscaloosa City Litigation & Insurance Committee on an unnamed date approved renewal of the city's primary insurance policy covering fleet, buildings and general liability after staff said the annual premium rose about $457,581.
Hudson Cheshire, identified in the meeting as the staff lead on the policy review, told the committee last year's premium was $1,950,000 and "this year, it is $2.39" million. He said the net increase is $457,581 and listed three main contributors: a routine 3%…
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