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Council reviews property, liability and cyber insurance renewal as premiums rise
Summary
City staff recommended keeping primary property coverage with Selective amid industry underwriting pressures and proposed switching cyber coverage to a lower‑cost carrier; broker said property insurance reflected a 24% site‑reliability increase and the 'all other perils' deductible will rise to $10,000 effective July 1.
City staff and the city’s insurance broker briefed the Committee of the Whole on June 9 about upcoming property, liability and cyber‑insurance renewals.
Joni, the staff lead on insurance, said the city solicited market options and Mark Whitlock of Summer and Associates recommended keeping the bulk of the property program with Selective Insurance because underwriters are broadly tightening commercial property coverage amid recent loss experience. Whitlock said Selective priced the renewal taking into account a major building fire claim and…
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