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Board approves annual insurance placement totaling up to $1.19 million, reports 20% net savings over prior year
Summary
Directors authorized insurance coverages for July 1, 2026–June 30, 2027, not to exceed $1,190,115; staff and broker said competitive marketing produced several quotes and line-item premium reductions that yielded an overall net savings of about $292,855 (roughly 20%) versus prior renewal.
The board authorized the president and CEO to purchase insurance coverages for July 1, 2026–June 30, 2027, in an amount not to exceed $1,190,115, following a staff recommendation from Brian Klem, director of risk and safety. Klem told the board the agency’s broker solicited multiple competitive quotes and outlined notable year-over-year premium reductions in several lines, producing an overall net savings compared with the prior renewal.
"It is recommended the board of directors authorize our president and CEO to buy insurance coverages for IPTC through 07/01/2026 through 06/30/2027 an amount not to exceed $1,190,115," Klem said. He highlighted premium decreases in property coverage, fiduciary coverage and cyber protection and said the renewal produced a net savings of $292,855 or about 20% over the previous year.
Broker Greg Lane (Insurance Management Group) answered board questions about rolling-stock valuation approaches and told members he would share a comparative PDF of industry practices. After discussion, the board voted by roll call to approve the insurance placement authorization.
