Committee backs $1.72M property insurance renewal that raises named‑storm blanket limit

The committee recommended that the board accept USI Insurance Services' renewal offer that provides $55,000,000 limits per occurrence and a $20,000,000 blanket limit for named storms, effective April 27, 2026, with an annual premium of $1,723,314.

USI representatives and the district's broker presented three options and recommended the blanket form that increases named‑storm coverage while reducing some fixed costs. The broker described the market context, saying the recommended option "increase[s] our named storm limit... and save[s] $145,000" compared with a different option and adds expanded earthquake limits, which he said reflected recent market changes.

Board member Mr. Ford objected to approving the renewal without seeing a detailed premium breakdown, including taxes, fees and management commissions: "I would like a breakdown. I would like to see those fees," he said, and urged staff to provide contract details and per‑building values before finalizing long‑term deals. The broker and staff said they use an annual CoreLogic valuation and share the statement of values with the district before marketing the program.

After discussion the committee called for a motion; the recommendation was moved and then seconded and, with no recorded objections, the motion passed. The committee directed staff to follow up with the requested fee and contract breakdown for board review.

Next steps: the item will move to the full board for final action; staff said they will provide the statement of values and a condensed spreadsheet showing categories and fees for board members to review.