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The City Council recently renewed membership in a multi-city insurance fund for another three years at a cost that won’t exceed $875,000 for the first year. Cities that belong to the Big Independent Cities Excess Pool Joint Powers Authority renew their commitments annually. BICEP operates with a $15.2-million capital base; each member city has a $1-million self-insured retention, similar to a deductible. The purpose of the coverage is to shield cities from financial debt from large liability claims, judgments and settlements.
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