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City insurance renewal shows modest net rate improvement; total premium near $433,600, broker says
Summary
Alliant Insurance broker Leah Kosad told the Prospect Heights City Council the city's 2025'26 property, casualty and umbrella renewal produces a $433,592 premium, a roughly $4,756 increase but a net rate decrease of about 1.15% after exposures; staff expects a safety-grant rebate to offset much of the rise.
Leah Kosad, an insurance broker with Alliant Insurance Services, told the Prospect Heights City Council on Oct. 13 that the city's 2025'26 property and casualty renewal will cost $433,592, about $4,756 more than the prior year but reflective of a roughly 1.15% net rate decrease when exposures are considered.
Kosad said the city places its property and casualty through an Illinois pool that can offer a $9 million umbrella limit in a single policy, compared with most commercial markets that currently offer about $5 million capacity. She said the pool also provides risk-management and loss-control resources the city has used.
On workers'compensation, Kosad said the city is in the Illinois Public Risk Fund, which offers loss-control support and a safety-rebate program. Council members and staff noted the city received an $18,000 grant/rebate last year; Kosad said the pool is still calculating this year's rebate and that it should be determined before the policy's Dec. 1 effective date.
Council member questions focused on whether the safety-grant rebate will cover the premium increase. Peter (staff member) said, based on the city's recent history and the expected grant calculation, the rebate will likely cover the roughly $4,700 difference but the amount is not yet final.
Kosad outlined specific coverages and typical deductibles: general liability at $25,000 per occurrence; crime (employee dishonesty) roughly $2,500; underground storage-tank pollution liability $5,000; cyber liability $5,000; and blanket accidental coverage for volunteers with no deductible. She also described the policy's blanket property protection, which covers scheduled values up to a blanket limit across buildings, contents and equipment.
Kosad closed by emphasizing the carrier-market conditions and the advantage of the larger umbrella limit available through the pool, and she invited additional staff follow-up on detail points the council requested.
The council did not take action on the presentation itself during the Oct. 13 meeting; staff said the renewal and grant figures would be finalized before the policy effective date.
