COUNCIL AGENDA ITEM
SUBJECT:
title
Lines of Coverage Insurance for FY 2025
body
DEPARTMENT:
Finance
SUMMARY:
Staff worked with Brown & Brown on solicitation of renewals for all lines of insurance coverage. This item is intended to update the Council on the City’s property, liability, automobile, workers’ compensation and public official’s insurance renewal premium as solicited by our broker, Brown & Brown. The net increase in premiums from $1,122,128 to $1,213,375 is $91,248 or 8.13%. The biggest drivers in increased premiums are due to the change the in vehicle and workers compensation premiums due to additional insured vehicles, payroll increases, and inflationary variables of the market.
BUDGETED ITEM: ☒ Yes ☐ No ☐ Not Applicable
BUDGET AMENDMENT REQUIRED: ☒ Yes ☐ No ☐ Not Applicable
RECOMMENDED ACTION:
Staff’s recommendation for motion to approve the FY 2025 Lines of Coverage Insurance and authorize the City Manager to execute all documents to bind coverage.