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Finance recommends renewal with Travelers for city property-casualty insurance
Summary
Finance staff recommended renewing the city’s property-casualty insurance with Travelers for FY2026, reporting a competitive solicitation in which Travelers offered the best coverage and a roughly 5% premium increase; council was told the procurement required seven votes because it was without public bidding.
City finance staff recommended renewing the city’s property-casualty insurance program for fiscal year 2026 with Travelers. Staff said the insurance broker marketed the coverage to multiple carriers; two carriers submitted competitive interest, one declined, and Travelers provided the lowest price and most comprehensive coverage.
Why it matters: Insurance premiums and coverage determine the city’s fiscal exposure for claims and property loss. Staff said the recommended renewal reflects about a 5% increase over the prior year, an improvement from nearly a 10% increase the year before.
Details: Staff distributed a line-item sheet showing which coverages rose or fell and which companies submitted quotes. Another councilor noted one competitor quoted higher deductibles, making that option less favorable despite any premium difference. Because the renewal is negotiated without public bidding, staff said the city would need the support of all seven council votes to proceed.
What’s next: Council will take formal action at the appropriate meeting to approve the renewal; staff will provide detailed policy sheets and the competitive summary as part of the record.
