municipal insurance News

Rising Insurance Costs Add to Public Finance Sector’s Cyber Pressures

The growing pace and sophistication of cyberattacks on U.S. public finance entities has led to rising costs and challenges in acquiring robust cyber insurance coverage. Fitch Ratings says public entities are increasingly required to undergo stringent security audits and adherence …

Taxpayers, Not Insurance, to Cover Costs of Capitol Damage by Trump Mob

U.S. taxpayers will be on the hook for damage from a mob attack on the U.S. Capitol in Washington on Wednesday because the building and grounds are not insured, industry sources said. Supporters of Republican President Donald Trump angry at …

Insurers Exploring ‘New World’ of Police Officer Professional Liability

U.S. insurers and brokers are starting to craft professional liability coverage for police officers, spurred on by signs that policymakers in some cities and states want to use a financial stick to curb police misconduct. They see a potential market …

Insurers Pitch Quick-Paying Parametric Disaster Insurance to Public Sector

Some of the world’s largest insurers are eagerly pitching cities, states and even school districts on policies designed to pay out quickly with few questions in the event of extreme weather. The catch: Even a hurricane might not be extreme …

Mississippi County Expects Insurance to Cover $165K Embezzlement

Officials in Adams County, Mississippi are expecting an insurance policy to cover the $165,000 allegedly embezzled from its juvenile justice center. Board of Supervisors Attorney Scott Slover tells The Natchez Democrat the insurance should cover 100 percent of the loss. …

Vermont City Buys Insurance Amid F-35 Debate

Burlington, Vermont’s largest city, has purchased an insurance policy for protection against potential lawsuits in connection with its airport. While exploring the legal possibility of banning F-35 fighter jets from the Burlington International Airport, city attorney Eileen Blackwood discovered Burlington …

Pennsylvania Borough Insurer Pays $225K to Stunned Cuffed Man

A western Pennsylvania man who claimed a police officer used a stun gun on him while he was handcuffed was paid $225,000 by a borough’s insurance carrier to settle a lawsuit. The lawsuit was filed in July on behalf of …

California City and Assured Guaranty Reach Bankruptcy Exit Deal

Stockton, Calif. and Assured Guaranty have reached an agreement to restructure more than $150 million of outstanding debt to help the city exit from bankruptcy, a top city official and the bond insurer said. Under the terms of the agreement, …

Likely Recall Washington Area Mayor Who Jeopardized City’s Insurance

Votes counted from Tuesday’s special election show that Cy Sun, a Washington area mayor, will be recalled on July 9 when the election is certified, likely removing from office a man who many blamed for endangering the insurance coverage for …

City of Niota, Tenn., Loses Insurance Again, Shuts Down City Services

The city of Niota, Tennessee, is again without insurance and has shut down most city services. According to The Daily Post-Athenian, only a skeleton staff remains in the city of about 800 residents. Coverage through the Tennessee Municipal League (TML) …