County staff recommend insurance buy‑down after 2023 hail losses to cap exposure

An insurance presenter summarized the county's exposure following a June 2023 hailstorm and proposed purchasing a deductible buy‑down to limit county losses if another catastrophic hail event occurred. "I think Travelers paid about 3,000,000 out of that property claim," the presenter said while outlining a policy that uses a 2% per‑building deductible with a $100,000 minimum and could leave high‑value buildings with very large deductibles without a buy‑down.

Under the buy‑down, the county's maximum exposure would be reduced to roughly $25,000 for an event, compared with potential six‑figure deductibles for some high‑value buildings. Commissioners asked whether to approve the immediate payment to purchase the coverage, discussed negotiating future terms with Travelers and asked staff to prepare a signature authorization so a check could be mailed promptly if the board approved.