Fernley Development News

City Council Approves Insurance Pool Renewal with Enhanced Coverage and Increased Cost

The City Council approved the renewal proposal from Nevada Public Agency Insurance Pool (NPAIP) for the fiscal years 2026-2027. The approved payment amount is $475,899.68 with a deductible of $2,000 per claim. The proposal includes increased property per loss limits from $300 million to $500 million and equipment breakdown per loss limits from $100 million to $150 million at no additional cost. Cyber liability limits were also increased to $1 million per member, with a $500,000 sub-limit for cyber crime, doubling the previous year's limit without extra cost. The agreement includes an addendum stating that a 120-day notice of withdrawal waives the two-thirds vote requirement for withdrawal. The total program cost represents a 12.91% increase from the previous year, attributed to increases in exposure, such as a 41.65% increase in payroll, a 24.8% increase in total insured value, and an 11-employee increase leading to a 13.75% increase in total exposure.