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MECO representative: County faces 5.12% pooled insurance rate increase as insured property rises
Summary
A MECO representative told the meeting the county's pooled insurance renewal will rise 5.12%, driven mostly by roughly $4.35 million of added building value and other asset increases; appraisals are scheduled to begin in May 2027 and member services including risk-management support were highlighted.
A MECO representative told the meeting the county’s pooled insurance contribution will increase by 5.12% at renewal, a change she tied chiefly to a roughly $4.35 million jump in insured building value and other newly insured assets.
The increase, the presenter said, compares with a roughly 3.5% average pool increase and reflects added insured values on buildings, vehicles (about $250,000) and equipment (about $200,000). “You guys are kind of right on par with where the pool average was that we voted on last year,” the MECO representative said, adding that pooling helps smooth spikes that private carriers may pass on immediately.
Why it matters: the pool’s model spreads loss costs across years and members, which MECO staff say reduces the risk of one-year premium spikes…
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