Peekskill hears broker: two‑year insurance rate lock keeps renewal increase small
Summary
City broker Alliant told the council the city's insurance renewal includes a negotiated two‑year rate lock that limits market exposure; the broker reported a current premium figure and said the upcoming term shows a modest increase and that cyber and flood coverage drove part of the change.
The Peekskill City Council on Dec. 15 heard an insurance‑renewal briefing from the city's broker, Alliant, which recommended a two‑year rate lock to limit market volatility and described drivers behind a modest premium increase.
John Riley of Alliant told council members that "the renewal premium is expiring at 962,367," and said the upcoming term's premium represents a small increase overall while still representing a favorable result for the city. Riley said the two‑year rate lock covers most lines of coverage, though cyber and property programs required separate treatment and the flood policy contributed to the change.
Staff said the loss‑run history was not delivered to market because the two‑year rate lock meant the city did not need to go back out to market immediately. Council members thanked the broker and had brief clarifying questions about the loss history; staff said the proposal and supporting materials will be returned to the council calendar next week as a formal resolution for approval.
The presentation did not produce a formal vote on Dec. 15; staff will bring the full proposal and any supporting resolutions back to the council for a recorded vote.
AI generated
The text on this page is AI generated. Summaries, highlights, analysis, and video transcripts are all produced from the original source material.
AI can make mistakes, so if you spot one, and we will fix it for everyone.
Note: the source content is unaltered by us. Any content source we link to, be it a video, an audio recording, or a document, is presented exactly as its publisher released it. That publisher is usually a government body, sometimes an individual official or another organisation.
