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City insurance renewal shows cost decreases; staff flags risk-management follow-up
Summary
The city's insurance renewal with City/County Insurance Services (CIS) resulted in roughly $69,000 lower costs year-over-year, with property and workers' compensation reductions; the city's experience modification dropped to 0.89 and staff proposed continued risk-management reviews to seek further savings.
David Wassilyenko, agent of record from Hagan Hamilton, presented the city’s annual insurance renewal and said the renewal was favorable: overall premiums were down roughly $69,000 compared with the prior year. He attributed the reduction to large claims falling out of the experience period and to property removal from schedules. Workers’ compensation premiums also dropped (Wassilyenko reported about a $10,000 reduction), driven by an improved experience modification (from 0.95 to 0.89).
Wassilyenko described CIS as a broad public-entity insurance pool that has provided competitive pricing for cities and counties in Oregon and said the city should continue periodic reviews of property schedules, contents coverage and equipment lists to avoid paying for items that are no longer needed.
Councilors asked whether benchmarking against other entities or deeper loss-run analysis might yield additional savings. Wassilyenko offered to investigate industry norms for experience modifications and attend safety or risk-management meetings to support staff. He also noted cyber-liability premiums remained flat and that staff adjustments to property and equipment values had contributed to savings.
Council thanked staff for negotiating a favorable renewal and requested follow-up on benchmarking and opportunities for further risk mitigation.
