Finance committee gives insurance review positive recommendation
City Council’s finance committee gave a positive recommendation Tuesday for council to accept adjustments suggested by the city insurance broker, which are designed to save the city money in the long run.
Gallagher, the city insurance broker, has recommended two adjustments to the policy.
One is to reduce employee practice liability deductible from $15,000 to $10,000, which the committee learned was a “boiler plate” kind of change, but one that is recommended.
The other regards insurance coverage for city equipment, such as a fire truck, in the event is sustained damage.
New ladder trucks were estimated at costing $1.1 million.
What is recommended is better than a settlement value of $650,000 and have to come up with $500,000 for a replacement truck, the broker said.
The insurance review of the policy, putting a value estimate on the equipment, will mean less out-of-pocket expense in these cases.
The policy review and adjustment recommendations were looked at by Jill Nagy, an attorney who provides the city with legal advice regarding its insurance needs.