The Bulletin | Q1 2024

PUBLIC ENTITY SPECIALTY GROUP

Happy Spring! We hope this finds you well. It is highly likely that you're either gearing up for your insurance renewal as of April 1 or July 1, or you’ve recently completed the process as of Jan. 1. We spoke in our previous "Bulletin" distribution about challenges of the insurance market. Those still exist today, with 2024-2025 potentially being the most challenging renewal your entity has or will experience. YOY pricing increases are typically varying anywhere from 10-50%+.

In addition, your entity is being required to take on more risk in the form of increased deductibles, retentions or coverage exclusions. So, what can be done? What should your entity be getting good guidance on? How should you be spending your limited time and energy resources to ensure your insurance setup is as favorable as possible in this hardened market?

One area to address is who your professional team is and what support you’re currently receiving. First MainStreet Insurance has a dedicated team focused on serving clients in the Public Entity arena. We define Public Entity as cities, counties and school districts throughout Iowa. As experts in risk management and property & casualty insurance for these entities, we understand the unique needs and challenges faced by organizations just like yours.

We place insurance coverage for our clients with the insurers that specialize in your space in Iowa, including but not limited to: EMC, ICAP, IMWCA, SFM, United Heartland, West Bend, Travelers, etc. In addition to the placement of insurance, we help solve the problems and pain points that our clients traditionally have with risk management and insurance. Below are some areas we are proactively encouraging our clients to engage with us:


Premium/Contribution Forecasting

  • While renewal dates happen throughout the year, we recognize that all our clients and prospective clients perform budgeting for their upcoming fiscal year throughout January and February. We meet with our clients to give them the best guidance on what to budget and levy regarding their insurance expense. This is done with market research and individual account characteristics.


Standard Operating Procedures

      • You purchase insurance to transfer risk away from your organization when claims occur. When that happens, is there a systematic process in place for filing and reviewing claims? We engage with our clients to document how and when claims should be filed, and how often we review claims to ensure they are closed out throughout the year.


Safety/Loss Control

    • In order to reduce your insurance cost in the long term, there are generally two strategies to accomplish this.
      1. Eliminate Claims
      2. Buy Less Insurance
    • In order to do both of the above, we look at training and communication efforts to enhance the safety culture of an organization. This can be accomplished in partnership with our clients internal leadership team, our team, and the insurance carrier’s loss control team.

An Option to Consider

First MainStreet Insurance's Public Entity Specialty Group team is looking to grow the base of the clients we serve throughout Iowa. We have a process that prompts conversation around what the current state is of your organization’s risk management and insurance setup, as well as ideas on how to improve that situation moving forward.

If you’re open to learning more, below are recommended next steps:

  1. Schedule an intro meeting with our team. This will allow us to learn more about your organization, share about our process, and mutually conclude if we might be a good fit to work together. 
  2. Complete our abbreviated discovery assessment, which is a survey that provides us feedback on areas you are already supported well or that our team could help provide value. The survey takes approximately 5-10 minutes to complete.

Let’s Connect

We are excited to provide this quarterly bulletin newsletter with real and relevant information pertaining to the industry we serve. You’ll continue to receive these with more value-based content contained. This newsletter is simply to serve as an introduction. If you are interested in a specific discussion on your organization and how we might explore partnering together, there are two options:

  1. If you recognize any of the FMSI partner agencies shown on the next page, reach out to the local team directly and ask about our Public Entity Specialty Group. They can reach out to us and set up a meeting amongst our teams.
  2. if you’d like to schedule an intro call with us directly, click the link here to do so using our scheduler app: 

Thank you for reading. I look forward to any and all future discussions with you and your team!

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