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Council renews public-entity insurance pool membership as premiums rise
Summary
New Franklin renewed its membership in the Public Entities Pool of Ohio after hearing its premium rose about 15.4% this year (following prior increases); council asked staff to review options before next renewal but approved continuation for current coverage.
City Council unanimously approved Resolution 26R37 on July 1, 2026 to renew membership in the Public Entities Pool of Ohio for liability and property coverage.
An insurance representative explained that the pool now covers roughly 800 member entities and that the city's premium increased by about 15.4% this year, largely driven by exposure increases (property values, vehicles and employee counts). The speaker said most of the premium increase was attributed to higher exposure rather than underwriting deterioration and noted specialized lines (police and fire) had $5 million limits and cyber coverage was set at $1 million with modest deductibles.
Council members acknowledged the value of the pool’s ancillary services (training modules and risk-control resources) but asked staff to evaluate alternative providers before the next renewal cycle. A council member suggested soliciting bids next year as part of due diligence; staff agreed to review options while noting the city has had satisfactory coverage under the pool for roughly 12 years.
"I think next year we should look at what other options are out there for us and just make sure that we are getting the best price for the best product," one council member said. The council voted to renew membership while instructing administration and finance staff to investigate market alternatives ahead of the next renewal.
