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Cotati hears CIRA insurance market briefing; captive insurance presented as a long-term strategy
Summary
Staff briefed the council on rising liability and property insurance costs, described PRISM and CIRAs work toward a captive insurance vehicle to lower premiums, and fielded council questions about governance, domicile, and timelines.
City staff presented an update on CIRA (the municipal insurance JPA) and the insurersmarket dynamics that are affecting local government premiums.
The presenter explained that high tort awards, increased litigation, "social inflation," and the emergence of third-party litigation funding have raised settlement costs and driven premiums up. Staff referenced materials prepared by PRISM (a…
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