Pearland City Council at its May 23 meeting approved a resolution greenlighting a $899,010 policy for wind, hail and wind-driven rain damage with AmRisc Carriers that will last from May 26 of this year to May 25, 2023.
According to agenda documents, the $899,010 premium comes with a $75 million-per-occurrence limit and a 3% named storm deductible. The contract is an increase of $144,000 over last year's deal in which the city paid $755,010 premium. It was also with AmRisc Carriers.
Through the help of McGriff Insurance Services, the city conducted a study of global insurance carriers and found the city’s choice provides the best overall value and combination of risk transfer and retention, agenda documents said.
Pearland is required to maintain windstorm insurance because Brazoria County is considered a Tier 1 Zone Inland category county in the state, according to agenda documents.