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Board votes to drop excess flood insurance for library, saving about $9,700
Summary
After staff outlined FEMA and Chubb coverage and a new excess‑flood premium of $9,728.28, the board voted to drop the extra policy for the library, citing overlapping coverage and recent FEMA payout experience.
The Long Beach Board of Aldermen voted Jan. 17 to drop an excess flood‑insurance policy for the public library, a change the city clerk said would save roughly $9,700 in premium.
Finance staff explained the city’s current flood coverage: FEMA insurance limits ($500,000 building / $500,000 contents) and a Chubb excess flood policy that provides broader, citywide coverage. A newly presented excess policy listed additional coverage of $191,240 for the library building and $671,812 for contents, with a premium that rose from about $9,164.51 last year to $9,728.28 this term.
The presenting alderman argued the city already has substantial coverage through FEMA and Chubb and noted recent challenges in obtaining full FEMA payouts after storms. “I bring it up tonight either to approve it at the board's will or or get rid of it altogether, and save $9,700,” the alderman said. Another alderman moved to drop the extra coverage; the motion passed with no opposition.
The board recorded that the city’s insurance agent had reviewed the decision and agreed dropping the excess coverage was acceptable after a policy review. No additional appropriations were recorded at the meeting.
