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Finance director says Oswald renewal is competitive; Avon council accepts insurance package
Summary
Council accepted the city's insurance renewal from Oswald Companies after Finance Director Steve Presley said the renewal produced only a 3.5% overall rate increase and included cyber coverage with no increase.
Council on June 22 accepted an insurance renewal proposal from Oswald Companies under Ordinance No. 73-26. Finance Director Steve Presley explained that the City had competitively marketed the insurance the prior year and that the current carrier had offered the best and lowest rates at that time; he said the renewal arrived after the agenda cutoff and the Administration chose a direct renewal because the increase was modest.
Presley told Council the renewal represented "only a 3.5 percent rate increase" and that cyber insurance was included with no change in the cyber rate. He added the City would revisit market competitiveness every two to three years and would have returned to market if the renewal had come in at a 15 to 20 percent increase. Council voted 6–0 to adopt the ordinance.
