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Insurance renewal quote climbs to $10,000; board discusses seeking alternative quotes
Summary
Staff reported FY25 insurance renewal for IDA/PFDC/PFDC rose from $7,000 to $10,000. Counsel advised this is reasonable in the current market; board asked staff to gather additional quotes and consider a request-for-proposals next cycle.
Abby Dublin told the board that insurance renewal quotes for FY25 rose from about $7,000 to $10,000. "We got a quote for our policy renewal for f y 25, and it's gone up from 7,000 to $10,000," she said, and noted Justin advised that the quote was reasonable given market conditions.
Board members discussed whether to seek additional quotes or run an RFP. One member suggested an informal set of quotes first rather than a formal RFP; others said an RFP could be appropriate later if market rates remain high. Staff said the insurance covers general liability across the agencies and includes board-member liability.
The board asked staff to share detailed insurance-quote materials with counsel and, at minimum, to gather a small set of comparative quotes so the board can be confident the premium is in line with market rates.
