By COLE REIF
Great Bend Post
The City of Great Bend made Gallagher their broker for the city’s property and liability coverage. The city felt a change was needed to be more aggressive to ensure their coverage is updated and current. More importantly, with the large storm claim the city is currently processing, they wanted to ensure their ability to maintain coverage for the city.
Gallagher Regional Director Charlie Herr said his agency did find minor deficiencies with the city’s insurance plan that have been fixed with a significant increase in price.
"The end goal with city staff and our team was to put forth a renewal that was not as bad as it could have been but also to renew with Travelers," said Herr. "The alternatives in what could be in the market place today would be significantly worse. We accomplished that, but not without some heartburn being felt as you can see in the proposal. Based on what you're coming out of and what you're going into, the cost increased quite substantially."
The Great Bend City Council voted 6-1 to remain with Travelers Property Casualty Company of America for their insurance provider. Last year’s price was $465,823 and the 2024 not-to-exceed amount is $692,890. The more than $227,000 increase was a bump that councilmember Jolene Biggs said could be worse.
"I think we're pretty lucky," said Biggs. "From my perspective and experience, with the agent that did have it, I'm not sure Travelers would have renewed it. With the volume that their company brings, we were able to stay with Travelers. If you lost travelers, you would be piecemealing it and it would be much more than this."
The city is still going the insurance process for the damage assessed from the July 16 wind and hail storm.