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Demorest City Council hears commercial insurance renewal quotes; broker recommends lower Travelers bid
Summary
At its Feb. 3 work session, the council heard that Tokyo Marine quoted $187,000 and Travelers quoted $165,000 to renew the city's commercial insurance program; Turner Wood and Smith recommended Travelers based on cost savings while noting both policies provide comparable coverage.
At the Feb. 3 Demorest City Council work session, Jimbo Floyd, president of Turner Wood and Smith, presented the city's commercial insurance renewal options, including property, commercial inland marine, general liability, employee benefits liability, employment practices liability, law enforcement liability, public officials' liability, commercial auto, umbrella, and cyber liability.
Floyd reported two renewal quotes: Tokyo Marine at $187,000 and Travelers at $165,000. "I recommend Travelers due to the cost savings," Floyd said, while noting both insurers offered policies that would meet the city's stated coverages.
The presentation summarized which lines of coverage are included in the renewal package and highlighted the price difference that the broker said justified recommending Travelers. The transcript does not record a formal council vote or final decision during the work session.
The item was presented for council consideration and staff/broker recommendation; no formal action was recorded in the session minutes.
