The potential loss of Travelers Insurance as our carrier has grave implications for our city. According to the city budget proposed by Commissioner Sanghvi, the city expects to spend roughly an additional $800,000.00 next year to replace Travelers Insurance Company. Additionally, it is reasonable to expect that the deductibles the city will have to pay to address claims will go up. Bear in mind this is not a one-time expense. The city can expect to pay an additional $800,000.00 to $1,000,000.00 yearly for the foreseeable future. These are extraordinary numbers.
Even potentially more damaging is the real threat that the bond ratings agencies will lower our rating due to Travelers’ decision. This will result in the city having to pay more for borrowing money. I am sure that Commissioner Sanghvi must share my concern.
A further concern is that risk and safety’s role is to reduce the dangers to our employees and citizens. The training provided by the director of risk and safety is critical to protecting the lives and health of everyone.
I do not play the blame game. I see myself as a problem solver. I am interested in determining what actions this city needs to take to raise the quality of our risk and safety office to the high standards we all seek.”
I know the mayor has confidence in city attorney Michael Phillips to handle risk and safety, but surely Mr.Phillips would be the first to want to know how Travelers believes we can improve.
I respectfully ask that this Council invite a representative of our insurance broker, Amsure, along with someone from Travelers, to come to a council meeting to share their valuable knowledge so all of us can benefit.
- John Safford, Saratoga Springs