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Fremont renews property and liability insurance; premium rises 11%
Summary
Council approved renewal of the city’s property and liability insurance through LARM, with finance staff reporting an 11% premium increase driven by fleet replacements and additions; the motion passed 6–0.
The Fremont City Council authorized renewal of the city’s property and liability insurance policy on July 14 as presented by Finance Director Jennifer Knapp.
Knapp said the renewal with the League Association of Risk Management (LARM) covers city property, liability and the municipal vehicle fleet. She told council this year’s premium increase was 11% (down from a 34% increase the prior year) and reflected replacement of very old items in the fleet and newly insured trailers. Knapp described a favorable deductible structure that charges a single deductible per event (for example, hail) rather than one per building.
Council moved and seconded to approve the renewal; the motion carried 6–0.
