Personnel & Finance Committee approves revised ICAP 2026 insurance renewal after reassessment raised premiums

The Personnel & Finance Committee approved a revised 2026 insurance renewal with the Iowa Communities Assurance Pool (ICAP) at its Dec. 18 meeting, after reviewers said ICAP’s fall 2025 property assessments raised appraisals and led to a higher premium for the City of Mount Pleasant.

Committee chairman Steve Engberg called the meeting to order at 9:15 a.m. The minutes state that Joe Vens and Liz Schara reviewed the renewal documents and explained possible revisions aimed at reducing the City’s premium. The Committee voted to approve the revised renewal and recommended that the City Council approve it at a future meeting.

Why it matters: ICAP is the risk-pool vehicle used for municipal insurance; changes to the renewal affect the City’s annual insurance expense and budget planning. According to the minutes, a fall 2025 reassessment by ICAP raised property appraisals across the pool, increasing the City’s projected premium absent the revisions the committee approved.

The minutes do not provide a vote tally, a mover/second for the motion, or a detailed funding source for any premium change. They record only that the Committee approved the revised renewal and recommended Council approval. The minutes identify the jurisdiction as "the City"; this report uses the authorized local name Mount Pleasant City to refer to that jurisdiction.

Next steps: The Committee’s action is a recommendation to the full City Council; the minutes do not state when the Council will consider the renewal.