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Redondo Beach council directs staff to reduce earthquake coverage and study liability retention amid midyear budget review
Summary
During a broader midyear review the council directed staff to pursue a reduction (or elimination) of city earthquake coverage to lower premiums and asked staff to analyze raising the city’s liability self‑insured retention (SIR) for potential premium savings; staff and the city treasurer will return with quantitative risk analysis.
As part of a wide midyear budget review presented March 31, the Redondo Beach City Council directed staff to pursue options that would substantially reduce the city’s earthquake insurance premium burden and to analyze raising the general‑liability self‑insured retention (SIR) to capture premium savings.
Staff presentation: Finance Director Stephanie Meyer told the council the city currently pays roughly $1.7 million annually for property insurance, of which about $1 million is earthquake coverage. The city’s current portfolio…
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