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Council approves 2026 insurance renewals; CBIZ recommends Lloyd’s option for cyber coverage
Summary
CBIZ presented the insurance renewals, noting property values drove premium increases while the market softened; CBIZ recommended a Lloyd’s of London non‑admitted option that would provide similar limits and save roughly $1,000; the Council approved Resolution No. 2026-K, 5-0.
Kris Althouse of CBIZ presented Mission Hills’ insurance renewal, telling the Council that the marketplace is improving from prior hard markets but premiums are up mainly because of increased property valuations and rising cyber rates. Althouse presented Lloyd’s of London as a non‑admitted option that would provide comparable limits and deductibles for roughly $1,000 less in premium.
Treasurer Nick Holmes said the packet includes carrier ratings and that Lloyd’s is A‑rated with strong financial capacity; Ms. Althouse noted non‑admitted carriers are common for public-entity placements and that CBIZ can model scenarios and review coverage gaps for specific projects such as the city-owned church property. Councilmember Gregg Davidson moved approval; Councilmember Dan Sullivan seconded. The motion passed 5-0.
