City staff explain employee-theft insurance: $1 million coverage, $10,000 retention, premium under $8,000

Board members asked Aug. 12 about a below‑$50,000 item the city manager had listed for the board’s review — an employee‑theft insurance policy (referred to in the meeting as the "scribe" policy).
Jenny Bradford in Human Resources told the board the policy was put in place last year at the CFO’s request to cover theft from employees, including property, cash or checks. "We have not had any claims on it so far," Bradford said.
A city official explained the policy provides approximately $1 million in coverage, carries a $10,000 retention, and that the premium for the coverage is "less than $8,000." Director Adcock said she could not support the item without further information and asked it be pulled separate; city staff noted that the item was part of the manager’s below‑$50,000 list and, strictly speaking, did not require a board vote but was being shared for transparency.
Staff said the city can pursue legal remedies if misconduct occurs but that the insurance is intended to make the city whole in the event of a covered loss. No claims have been filed on the policy during the period it has been in place.