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Ely council renews city insurance with POOL/PACT; 10% premium rise tied to exposures
Summary
Ely approved renewal of insurance coverage with Nevada Public Agency Insurance Pool (POOL/PACT) for $357,237.01 and a $500 maintenance deductible; staff attributed a roughly 10.25% increase to higher payroll exposures and insured values.
The Ely City Council voted June 12 to accept an insurance renewal from the Nevada Public Agency Insurance Pool (POOL/PACT) covering municipal liabilities and property, approving payment of $357,237.01 from the FY2025-26 budget and a $500 maintenance deductible.
POOL representatives and the city's broker presented program features, training and risk-management services included with the program. Councilman Dennis Perea asked about a 10.25% increase; Pool Pact Risk Management Specialist Jarrod Hickman said the primary drivers for the rise were an increase in payroll and a higher total insured value. "If you look back at the exposures, the primary drivers for both property and liability include your increase in payroll, and the increase in total insured value," Hickman said.
Broker Tina Perchetti said the POOL/PACT provides coverage and member services that are difficult to replicate in the open market and that the broker regularly markets coverage and helps members minimize exposures.
Councilman Trask moved to accept the renewal proposal; Councilman Perea seconded and the motion carried unanimously. The renewal includes training and risk-management resources described in the presentation and is budgeted from the city's insurance line for FY2025-26.
