Title
Resolution to Approve the 2026 Insurance Renewals for Policy Premiums Exceeding $90,000.00 Effective March 1, 2026
Memorandum
This resolution seeks City Council approval of the 2026 Insurance Renewals effective March 1, 2026.
The City's insurance broker, Hylant Group, advises that rates are starting to find some relief across some lines of coverage. The current marketplace for casualty coverage for municipalities is very selective with carriers adhering to very strict understating guidelines and information, specifically training programs for law enforcement. Many carriers have limited appetite for insuring the City's dams, for both property and casualty lines.
For all lines of coverage, City Staff's priority is to maintain or improve coverage over expiring policies at the best possible premium. Hylant has provided a comprehensive review of the quotes, changes in coverages, and rates. Hylant's recommendations include coverage for public entity liability, excess liability, property, and cyber liability.
The following lines of coverage have premiums exceeding $90,000.00 and are included in this resolution:
* Public Entity Liability: $1,337,681.00
* Property Insurance: $771,000.00 (Same as last year despite an increase in total insured value).
* Cyber Liability: $172,330.00 (Reduction in premium from 2025).
Based on the renewal information provided, City Staff recommend that City Council approve the 2026 Insurance Renewals for the City as recommended by Hylant in the amount of $2,281,011.00 to secure coverage upon the expiration of current coverages on March 1, 2026.
Staff
Prepared by: Michael Pettigrew, City Treasurer
Reviewed By: Colin Spencer, Procurement and Risk Manager
Marti Praschan, Financial Services Area Administrator and Chief Financial Officer
Jennifer Richards, Senior Assistant City Attorney
Approved by: Milton Dohoney Jr., City Administrator
Body
Whereas, The City's insurance policies and coverages are up for renewal at the en...
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