Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Insurance Procurement topic
No spam. Unsubscribe anytime.
Finance staff recommends signing 2026-27 property and casualty renewal; premiums rose about $10,000
Summary
Staff advised the finance committee that the proposed property and casualty annual premium for 2026-27 is $75,000—about $10,000 higher than the prior year—and said staff expects to sign the renewal unless legal counsel raises issues, while considering shopping the policy next year.
Finance staff reviewed the city’s property and casualty insurance renewal for the 2026-27 policy year during the Feb. 18 finance committee meeting, reporting an annual premium under consideration of $75,000.
"This year... an annual premium of 75,000," the finance staff said, and added that this represents an increase of about $10,000 from the prior year. Staff noted cybersecurity coverage is separate and has fluctuated in recent years.
Staff said they may seek other providers for the next renewal cycle and will determine whether competitive bidding is required; for the current renewal staff said they are expected to sign the policy unless legal counsel raises concerns.
Committee members discussed industry-wide premium increases and whether the city’s claims history affected rates. No formal motion was taken; staff will pursue additional competitive information for future renewals as appropriate.
