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Council approves one-year property and liability renewal with LARM; staff say increase is more moderate than last year
Summary
Fremont approved the city's property and liability insurance renewal through LARM for a one-year policy. Finance Director Jennifer Knapp said the renewal reflects an 11% increase after a prior-year 34% rise; the council approved the renewal 6–0.
The Fremont City Council approved renewal of the city’s property and liability insurance through the League Association of Risk Management (LARM) for a one-year policy period.
Finance Director Jennifer Knapp presented the renewal and said the increase for this year is 11%, down from a 34% increase the previous year. Knapp said staff audited vehicles and properties and that some coverage adjustments (including adding coverage for a fire engine and an ambulance) influenced the premium. She emphasized LARM’s deductible structure that treats a hail event as one deductible occurrence rather than one deductible per building.
Council moved and approved the renewal; the transcript records the motion carrying 6 to 0.
What happens next: Staff will complete the renewal paperwork and continue to monitor coverage and premiums as part of annual budget planning.
