Committee recommends renewing liability and workers'comp insurance with IML after 1% increase

The joint Insurance and Finance Committee recommended renewing Waterloo's liability and workers'compensation insurance policy with the Iowa Municipal League (IML) after the carrier offered to continue the city's existing coverage with a 1% premium increase through 2026.

Sarah (staff member) told the committee that Worthy Insurance could not provide a quote this year and that Travelers was interested but unable to deliver a timely offer. "IML, who has been the city's insurance company for several years, did come back ... with a 1% increase," she said, and staff presented that option as "the recommendation for the IML insurance policy with the 1% increase to cover through 2026."

Why it matters: a 1% premium increase on a longstanding insurer preserves continuity of coverage and avoids potential gaps while staff begin earlier procurement work next year. Committee members noted the city's loss history looked favorable and that, for the same coverage, a 1% rise is modest.

Details: Committee discussion confirmed the IML proposal would keep the same coverages and limits. Sarah said the city would begin earlier solicitation next year so other carriers (including Worthy and Travelers) can submit competitive quotes in time. One member raised the possibility of evaluating alternate coverage options in the next cycle; others agreed starting that conversation sooner would be beneficial.

The committee took a recommendation to approve the IML renewal; members signified assent during the meeting and the recommendation passed without recorded opposition.

Next steps: Staff will proceed with the IML renewal to maintain continuous coverage through 2026 and will begin earlier outreach to alternate insurers next year. The committee also confirmed staff will pursue the routine 1% early-payment discount on premiums where applicable.