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Staff outlines insurance switch option that would lower premiums but raise deductibles
Summary
City staff presented a comparison between staying with the current trust and switching to Olympus Insurance; switching could reduce annual premiums by about $60,000 but would increase property and other deductibles substantially and change cyber-coverage buckets, shifting more short-term cost risk to the city.
City staff provided a detailed briefing on Jan. 8 about rising municipal insurance costs and an option to change providers.
Staff (Travis) said the current trust projects an insurance increase of roughly $402,000 next year for citywide property, liability, auto and cyber coverage; Olympus Insurance quoted approximately $320,000 for a comparable package. "We're seeing a really good trend at the city of what we're spending, what the claims kinda look like, versus the…
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