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Council refers review of self-insurance and other municipal policies to Finance Committee
Summary
Councilor Colon Hayes asked the finance committee to review the city's self-insured status and consider whether broader property/casualty, directors-and-officers, or cyber insurance would be appropriate; councilors discussed complexity and risk-management approaches and referred the paper to Finance.
Councilor Colon Hayes introduced Paper 196-26 asking the finance committee to engage the city's finance and legal teams and a representative from the city's insurance agent to review the municipality's self-insured status and possible alternative insurance arrangements (property and casualty, D&O, cyber).
Councilors who had municipal insurance experience noted Massachusetts Municipal Association and other pooled programs exist but may not suit larger cities; they highlighted risk management as a legal- and finance-driven function. Councilor Winslow and others said the conversation will require detailed cost-benefit analysis and risk-limiting safeguards.
Outcome: the paper was referred to the Finance Committee for a targeted review and return with recommendations.
