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Council authorizes League Association of Risk Management renewal at 5% discount; cost about $139,002
Summary
The council authorized resolution 2603 renewing insurance coverage with the League Association of Risk Management at the 5% discount rate, with the net total around $139,002. Council members noted small line-item changes (work comp up slightly, some liability lines down) and authorized the mayor to sign the resolution.
City staff reviewed the League Association of Risk Management (LARM) renewal and noted the overall expense with a 5% discount would be approximately $139,002.43 for the policy year. Staff said property and liability showed no increase while work-compensation increased slightly.
"With the 5% discount last year, we paid 138,338 as a total. This year ... at the 5% discount rate, it'll be $139,002.43," the clerk said when summarizing the renewal comparison. Councilmember Brad moved that the mayor be authorized to sign resolution 2603 renewing the LARM coverage at the 5% rate; the motion was seconded and approved unanimously.
Council members discussed line-item changes and a recent property revaluation that affected premium calculations. The council treated the renewal as routine but approved the resolution to ensure continuity of coverage. The clerk noted the policy year began July 1 and open enrollment had been addressed where relevant.
