Blair to renew insurance with LARM under three-year commitment despite 19% premium jump

The council approved a three-year renewal of the city's property, general liability and workers' compensation insurance with the League Association of Risk Management (LARM). Phil Green presented staff's recommendation to accept a three-year option to secure a 5% discount; he said the base package adds up to $1,037,822 but the multi-year option reduces the annualized cost to $985,931.

Green explained that inflation and increased replacement costs have driven up insurance figures and that LARM offers cost-stabilization benefits for members who commit to multiple years. "If we go with the 3 year option, which is what our staff recommendation is to you, then they will reduce that cost by 5%, which drops it down to $985,931 for this next fiscal year," Green said. Finance committee members said locking in the three-year term to capture the discount was prudent despite a year-over-year increase (staff presented the change as a 19% increase compared with the prior year). The council adopted Resolution 2026‑082 to renew coverage under the recommended terms.