Insurance consultant: Oskaloosa premiums fall slightly; recommends deductible and cyber‑coverage changes

Margaret Ratcliffe, the city’s insurance presenter, told the council on June 15 that the overall insurance premium package for fiscal 2027 reflected a net reduction of about $33,000 compared with the prior period, with the savings split between the city and the YMCA project.

Ratcliffe described three key items: a buy‑down of a wind and hail deductible (from an exposure that could have been a 1% per‑building deductible on high‑value buildings to a $10,000 per‑occurrence deductible), cyber‑insurance considerations including a current funds‑transfer sublimit of $250,000 she recommended increasing to $1,000,000, and workers’ compensation experience‑mod changes. She told the council the quoted additional cost to increase the funds‑transfer sublimit was about $4,007.50.

Ratcliffe also noted the city remains in a favorable underwriting tier for liability and law‑enforcement coverage, that property coverage is written on a blanket basis (a pooled limit for municipal structures), and that the city has received dividend checks from the EMC program since joining in 2018. She cautioned that legal expenses from lawsuits and recent attempted payment‑fraud incidents can affect future rates and recommended continued emphasis on preventive controls (for example, multifactor authentication and vendor‑validation procedures) over relying on insurance alone.

Council members asked practical questions about hail damage and claims; Ratcliffe advised residents to contact their insurance agent to confirm deductible levels and whether cosmetic roof damage is covered. There was no separate council vote recorded on Ratcliffe’s recommendations during this meeting; council thanked her for the report.