Title
FY2010 Liability Insurance Renewal - Approval
History
The Horton Group has provided the Village with its renewal premium amounts for Fiscal Year 2010 for all property and liability insurance policies. A summary renewal packet is attached to this agenda item for reference purposes.
Overall, the Village’s FY2010 liability and property premiums increased approximately 3% as compared to FY2009 premiums. The majority of this increase is due to growth in the payrolls, population and property values. The deductible/retention amounts have remained constant, with the exception of auto physical damage on private passenger vehicles (increased from $5,000 to $10,000).
Mr. Michael Gleason from the Horton Group will be present at the Finance Committee meeting to explain the renewal process and answer any questions.
On October 12, 2009, this item was discussed by the Finance Committee and referred to the Board for approval.
Financial Impact
The attached documents identify the overall budget impact. The total premium amount of $864,609, which includes the Horton Group’s annual service fee, will be included in the FY2010 budget.
Recommended Action/Motion
I move to approve the recommendations from the Horton Group for property and liability insurance coverage effective January 1, 2010.
and
to retain the services of the Horton Group for FY2010.