FORT SMITH, AR - The City of Fort Smith, Ark., is examining the insurance policy it uses for its fleet to find savings, according to City documents. The City stated that it currently has a policy with Traverler’s Insurance that covers fleet vehicles and buildings. Although the City could choose to drop the policy and go with a different policy, in doing so it would lose coverage of its buildings.
The City is considering a policy with the Arkansas Municipal League instead. Fort Smith is facing a 7.6% increase in its policy cost with Travelers, but the minimum compulsory amount for insurance is the maximum level the Municipal League offers, i.e. $25,000 for one person, $50,000 for any one accident, and $25,000 for property damage. The policy with Travelers provides $1,000,000 per accident limit of liability by contrast.
According to the analysis conducted by the City, it can save $156,422 by going with the Municipal League’s policy instead but will lose the higher level of coverage.
The City has yet to decide which policy to take and discussed the pros and cons of the available policies at a study session during the week of March 26.
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