ITEM TITLE:
Approval of the City of Valdez’s Annual Property and Casualty Insurance Renewal for the Period Beginning July 1, 2025 in the amount of $925,953
SUBMITTED BY: Jordan Nelson, Finance Director
FISCAL NOTES:
Expenditure Required: $925,953 for annual renewal; $462,977(50%) in 2025 Budget
Unencumbered Balance: $530,117
Funding Source: Allocated among five funds and all staffed departments
RECOMMENDATION:
Approve the Annual Property and Casualty Insurance Renewal for the Period Beginning July 1, 2025 for the City of Valdez
SUMMARY STATEMENT:
Policy-Year (July - June) Premium Comparison
• Property/Auto/General Liability: decrease $35K, -4%
• Workers Comp: increase $14K, 7%
• Broker Fee: unchanged $36K, 0%
• Discounts*: increase $32K, 196%
o *Loss Control Incentive is still being determined see memo on pages 6 & 7 titled “letter to members of APRA”
A 2025 Budget to Actual/Estimate Analysis indicates that all aspects of insurance are in line with budgeted figures.
City of Valdez/Valdez City School District Renewal:
• COV and VCS quoted attractive Property Insurance through APRA resulting in a net premium decrease between the two entities. Additionally, this includes enhanced property coverage for both entities - specifically Earthquake, Flood, and Aggregate Limits.
o City of Valdez $343,608, decrease of $81,146, -19%
o Valdez City Schools $139,780, increase of $10,872, 8%
• City of Valdez and Valdez City School District share portions of this renewal for cost efficiency
• The COV and VCS insurance broker will attend the meeting to provide background information and field questions
An appended document titled “APRA Property Coverage Outline” has been included for reference representing a summary of certain items and their respective treatment under APRA.