During a recent city council meeting, officials discussed the renewal of the City of Venice's property and liability insurance for fiscal year 2025. Alan Bullock, the city's HR director, and Ray Carter from the Gehring Group provided an overview of the city's insurance program, emphasizing its importance in mitigating risks associated with the city's numerous assets, including buildings, vehicles, and personnel.

Bullock highlighted the city's diverse activities across 13 departments, underscoring the necessity of comprehensive insurance coverage. The city engages the Gehring Group to access the insurance market, purchasing various lines of insurance such as vehicle insurance, general liability, law enforcement liability, and cyber liability. He noted that with the approach of hurricane season, the relevance of these discussions is particularly timely.

Carter elaborated on the insurance program as a critical component of the city's overall risk management strategy. He reported a 3.09% increase in the renewal rate negotiated with the Florida Municipal Insurance Trust, a favorable outcome compared to last year's significant hike following Hurricane Ian. Carter also pointed out the inclusion of a cyber liability endorsement in the insurance package, which not only provides financial protection but also offers additional resources to support the city's IT department in the event of a cyber incident.

The meeting concluded with an invitation for questions, reflecting the city's commitment to transparency and proactive risk management in safeguarding its assets and operations.