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Alburnett renews municipal insurance; council hears about a new 1% per‑building wind/hail deductible
Summary
Council approved renewal of the city's EMC insurance package effective Aug. 15 and asked staff to pursue a buy‑down option for the newly introduced 1% wind/hail per‑building deductible for high‑value structures.
The Alburnett City Council adopted a resolution on Aug. 8 renewing the city's insurance package with EMC, including property, liability, inland marine and other coverages, while discussing notable changes to deductible structure.
An insurance representative explained the renewal includes a 1% wind/hail deductible applied per building and a $2,500 all‑perils deductible. For high‑value buildings, the representative described a supplemental "buy down" policy the city can purchase that would reduce the 1% exposure to a fixed $5,000 per building; staff said they would seek a quote for that buy‑down and return to council with details.
Councilors also reviewed inland marine coverage for mobile equipment and a possible increase in employee‑theft coverage within the city's package, and discussed how to use any unearned premium to improve coverage where prudent.
Councilor Trum moved and Councilor Bosenberg seconded a resolution to approve the renewal rates effective Aug. 15; the resolution passed by voice vote. Staff said they will continue pursuing buy‑down pricing and report back to the council.
