Commission renews property and casualty insurance; large rebate reduces net premium to under $300,000
January 06, 2024 | Kalamazoo City, Kalamazoo County, Michigan
This article was created by AI summarizing key points discussed. AI makes mistakes, so for full details and context, please refer to the video of the full meeting. Please report any errors so we can fix them. Report an error »
The commission approved a one‑year extension of the city’s property and casualty insurance through the Michigan Municipal Risk Management Authority with IVEX Insurance Agency.
Steve Vicencio said the year’s premium quote exceeded $1,000,000 but the municipal authority’s year‑end experience rebate is expected to exceed $770,000, yielding a net premium under $300,000 for the year. Vicencio said the authority pools municipal participants and issues rebates based on experience.
No public comment was offered on the item and the commission approved the renewal by roll call.
Steve Vicencio said the year’s premium quote exceeded $1,000,000 but the municipal authority’s year‑end experience rebate is expected to exceed $770,000, yielding a net premium under $300,000 for the year. Vicencio said the authority pools municipal participants and issues rebates based on experience.
No public comment was offered on the item and the commission approved the renewal by roll call.
View the Full Meeting & All Its Details
This article offers just a summary. Unlock complete video, transcripts, and insights as a Founder Member.
✓
Watch full, unedited meeting videos
✓
Search every word spoken in unlimited transcripts
✓
AI summaries & real-time alerts (all government levels)
✓
Permanent access to expanding government content
30-day money-back guarantee
