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City staff report $1.4M in insurance costs; initial pruning saved about $19,000
Summary
Staff presented a review of the city's insurance portfolio, reporting roughly $1.4 million in costs and an initial line-item pruning that reduced the liability invoice by about $19,000; staff recommended further review, broker input and considering deductible changes at the January renewal.
Staff member (S5) presented a high-level review showing the city's insurance portfolio totaled roughly $1,400,000 as of the report date, covering workers' compensation, liability, health plans and other coverages. S5 said a recent line-by-line review of the liability invoice produced approximately $19,000 in savings by removing items staff judged unnecessary.
S5 noted the city pays about $300,000 to insure buildings (based on a carrier appraisal done about a year prior) and suggested staff review replacement-value assumptions and contents valuations to determine whether the city is properly insured. The committee asked staff to invite the municipal broker to present options; S5 said the liability policy renews in January and staff could propose changing the $5,000 deductible at renewal if the committee wants to pursue additional savings.
