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Brookhaven board approves insurance renewal; option to raise deductible would save about $18,000
Summary
The board approved the city's annual insurance renewal and discussed an option to raise the "all other perils" deductible from $5,000 to $25,000 that Mike Smith said would save roughly $18,000 a year; the motion passed by voice vote.
The Brookhaven City Board approved the city's insurance renewals and heard from Mike Smith, the board's insurance presenter, who attributed most of this year's increase to workers'compensation losses and higher property values. "One of the big driving forces... is workers' compensation," Smith said, and he cited a city property schedule of $25,000,000.
Smith told the board the city could increase the "all other perils" deductible from $5,000 to $25,000 and that "that would save $18,000 a year." Board members moved to accept the renewals with that deductible option; a motion was seconded and approved by voice vote.
Why it matters: Smith said workers' compensation experience-modification and rising building values were the principal drivers of the premium increase, meaning the city faces higher recurring costs unless losses decline or coverage terms change. The board approved the renewal package and the deductible option recommended as a near-term premium-reduction measure.
Board action and next steps: The board's motion to accept the renewals (including the AOP deductible option) passed on a voice vote. Staff and the insurance presenter indicated they would proceed with the selected coverage terms; the board did not record a roll-call tally in the meeting transcript.
The board then moved on to other agenda items, including public comments and procurement actions.
