TO: Mayor and City Council
FROM: Kevin Sing, Director of Finance
SUBJECT:
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Approval of Property, Liability, Workers Compensation Insurance Renewal
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BACKGROUND:
This item is for the City’s various insurance coverages including property, cyber, liability, and workers compensation that expires on September 30, 2025. The City’s new broker, Alliant Insurance Services, solicited renewal pricing from various carriers. At this time, the only changes to the coverages are the addition of terrorism and volunteer coverage. Coverages are included in the attached packet. The coverage period will be from October 1, 2025 to October 1, 2026
Renewal premiums are an increase of 15.8% from the prior year totaling $2,330,797. Factors contributing to the increase are a 10% increase in total building values, liability claim exposure, and 4.6% increase in workers compensation exposure.
CONCLUSION:
The City has successfully secured renewal pricing for its various insurance coverages, including property, cyber, liability, and workers compensation, through its new broker, Alliant Insurance Services. The increase in premiums is attributed to a 10% rise in total building values, liability claim exposure, and a 4.6% increase in workers compensation exposure. The coverage period will extend from October 1, 2025, to October 1, 2026.
RECOMMENDATION:
recommendation
Based on the above, it is recommended that the Mayor and City Council approve the Property, Liability, and Workers’ Compensation Insurance Renewal.
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