During a recent government meeting, Colleen Thurston, the HR and risk manager, presented a proposal for the renewal of the insurance package from the Florida League of Cities for the upcoming fiscal year 2025. The comprehensive policy package, which covers property, general liability, cyber liability, automobile liability, and workers' compensation, is set for the period from October 1, 2024, to September 30, 2025.

The board was asked to approve funding for an annual premium of $1,580,567, reflecting an increase of $70,631 or 4.7% compared to the previous fiscal year. This rise in costs is primarily attributed to the claims experience related to general liability, as well as the addition of new vehicles to the auto policies, which are now in their first full year of ownership.

Thurston highlighted the potential for lower premiums through higher deductibles; however, she expressed concerns about the feasibility of meeting those deductibles in the event of a named storm, particularly given the city's coastal location. The discussion underscored the importance of maintaining lower deductibles to ensure financial stability and operational continuity following severe weather events.

The board is expected to deliberate on the proposal and its implications for the city's budget and risk management strategy in the coming weeks.