Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Insurance topic
No spam. Unsubscribe anytime.
Pepper Pike Council approves 2024 insurance renewal, raises cyber limit to $1 million
Summary
Council voted to contract with the city's broker to place the 2024–25 general liability and property program. Staff told council the package increases about 5% overall and raises the city's cyber limit from $750,000 to $1 million amid a tight market for law-enforcement liability.
Pepper Pike City Council approved a contract to place the city's 2024–25 general liability and property insurance program and discussed modest increases in coverage and limits.
City staff led the annual insurance review, saying the overall renewal will be roughly 5% higher than last year. Staff described Selective as the primary underwriter for the top policies and said ancillary coverage — including cyber — is placed with other carriers. "We started off several years ago with a cyber insurance at 750,000; we're bumping that up to a million," staff said during the presentation.
Council questioned how frequently the broker had shopped the program and whether other carriers could compete on price. Staff said the broker had recently reviewed the market but that in several lines, including police liability, capacity has contracted and Selective has been the most reliable option. Staff also said the city increased property and boiler valuations by about 5% to reflect inflation and adjusted inland-marine values.
After discussion, council moved to authorize the broker contract for the 2024–25 GL and property program and voted to approve the motion by roll call. The transcript roll-call indicates affirmative responses from council members present; the motion passed.
Council members asked staff to add a clearer column on coverage limits in future materials so elected leaders can compare limits, policy features and premiums more readily. Staff agreed to provide that breakout at the next regular meeting.
