8N
Date: September 15, 2026
To: Honorable Mayor and Members of the City Council
From: Ian Dailey, Finance Director
By: Jonathan Lackey, Risk Manager | [email protected] Subject: Supplemental Material #1 for Agenda Item 8N
DISCUSSION
Subsequent to the posting of the agenda item, staff became aware of a discrepancy regarding the 2025-2026 Premium Adjustment for the Auto Property Damage Insurance. The original staff report noted $58,966, but the correct amount is $58,996. Attachment 1 has been revised to correct the discrepancy.
Deposit Premium: $326,772
Supplemental Premium: $ 58,996
Total $385,768
ATTACHMENT
1. Corrected Hanover Historical Premium + Adjustment
1 ATTACHMENT 1
Auto Property Damage Insurance Historical Premium
Policy Year Carrier
Name Coverage Deductible
Information Premium ($)
2022-2023 Hanover All risk coverage for all vehicles
owned and vehicles leased
from others.
$25k Deductible $192,244
2023-2024 Hanover All risk coverage for all vehicles
owned and vehicles leased
from others.
$25k Deductible $240,687
2024-2025 Hanover All risk coverage for all vehicles
owned and vehicles leased
from others.
$50k Deductible $328,632
2025-2026 Hanover All risk coverage for all vehicles
owned and vehicles leased
from others.
*Plus, Premium Adjustment
$50k Deductible $326,772
$ 58,996*
$385,768
2026-2027 Hanover All risk coverage for all vehicles
owned and vehicles leased
from others.
$50k Deductible $526,254
2