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Gray council drops umbrella coverage and accepts Munich renewal at $118,233
Summary
At a special April 20 meeting, the City of Gray accepted a Munich property/liability renewal at an annual premium of $118,233 and voted to drop the umbrella policy; council recorded a unanimous 5-0 approval after hearing three quotes presented by Tom McEachern.
At a special called meeting on April 20, the City of Gray council voted 5-0 to drop the umbrella portion of its property and liability insurance and to accept a renewal submitted by Munich at an annual premium of $118,233.
Tom McEachern presented three written quotes for the city's insurance renewal, listing Munich (the current company) at $134,827, HCC/Tokio at $122,837 and Travelers at more than $200,000. Mr. McEachern told the council the umbrella policy was included in those quotes and said the city could elect to drop the umbrella to save money.
Councilman Terrell Fulford moved to drop the umbrella portion and accept Munich's renewal at $118,233; Councilman Terry Favors seconded. The motion passed unanimously and the minutes record the outcome as APPROVED 5-0. The minutes do not identify which five members cast the recorded votes.
The minutes list both a Munich quote of $134,827 and the approved annual premium of $118,233; the transcript does not explain the difference between those two figures. The record does not provide further detail on coverage limits, specific endorsements, the insurer's legal name, or whether the lower premium reflects a change in coverage, a negotiated discount, or a clerical correction.
There were no additional agenda items recorded; the meeting was adjourned following the vote.
