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Big Horn County discusses $75,000 insurance buy-down as deductibles rise
Summary
County staff presented an Alliant insurance buy-down to lower premiums after deductibles rose; staff estimated roughly $75,000 per year for the buy-down and said building deductibles have increased from $15,000 to $25,000. Commissioners asked staff to clarify details with their broker before deciding.
County staff presented an option to buy down the county's insurance deductible to limit the impact of higher premiums. Mike, who presented the proposal, said the buy-down would cost "$75,000 roughly" per year and described that various deductibles had changed after a recent rate increase.
"This is about 3 mills worth of tax dollars," Mike said, describing the budgetary impact of the buy-down. He also explained that the building deductible appears to have risen to $25,000 per incident, up from about $15,000 previously, and that different deductible levels may apply for employment disputes, vehicles and other claim types. Commissioners asked staff to consult with Mark to clarify exact deductible levels and to return with details at a future meeting. No final action was taken at the meeting.
