Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Insurance Renewal topic
No spam. Unsubscribe anytime.
Council approves Marion's insurance renewal after review of premiums and deductibles
Summary
After reviewing premium increases and deductible options, the council approved the city's insurance renewal using the option that keeps primary deductibles at $2,500 and wind/hail at $10,000.
An insurance representative (Case/EMC, speaker 6) presented the city's policy renewal and delivered a dividend check to the city; council then approved the recommended renewal option.
Case/EMC said the city's total premium rose roughly $25,000 compared with last year, driven in part by reassessments of airport buildings and replacement of city vehicles. "You could save a little over $16,000 a year if you opted to go with a higher deductible," Case/EMC said, but he and city staff both advised against moving to a much larger deductible because a single significant wind or hail loss would negate the savings.
City administrator Brian (speaker 3) provided premium figures and comparative impacts: the current policy cost was cited as $133,572 for the prior year and the proposed option represented an increase of 19.1% versus a smaller increase if larger deductibles were selected. Councilmember Zach (speaker 5) moved to approve the renewal with the $2,500 general deductible and the $10,000 wind/hail deductible; the motion was seconded and passed unanimously.
Councilmembers thanked Case/EMC for the early dividend delivery and discussed the tradeoffs between premium savings and exposure to large claims. The renewal is effective on the insurer's stated renewal date, April 1.
