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Council approves $192,472.59 property and casualty renewal with Fuqua/EMC
Summary
After reviewing quotes, the council approved renewal of the city’s property and casualty insurance with Fuqua Insurance Group (EMC) at $192,472.59, rejecting an MPR quote that excluded key coverages; vote was 5-0.
Staff presented the annual property and casualty insurance renewal. Fuqua Insurance Group, the city's Broker of Choice, presented a renewal through EMC with a premium of $192,472.59 and a wind and hail deductible remaining at $75,000 per occurrence. Fuqua identified a deductible buy‑down option to reduce the deductible to $10,000 for a quoted cost of $7,992.59. Midwest Public Risk (MPR), via Strong Insurance, provided an annualized quote of $168,908.00 but excluded workers’ compensation, cyber coverage, and the deductible buy‑down; staff concluded that when adjusted for the EMC dividend and excluded lines, EMC was most cost‑effective.
Mr. Mike Dreier of Fuqua Insurance Group attended to answer council questions. Councilmember Larry Lysell moved to approve the Fuqua/EMC renewal proposal at $192,472.59; the motion was seconded by Councilmember Andrew Smith and passed 5-0 by roll call vote.
