Title
FY2018 Liability/Property Insurance Renewal - Approval
History
The Horton Group has provided the Village with its renewal premium amounts for Fiscal Year 2018 for all property and liability insurance policies, including Excess Workers Compensation. A summary renewal packet is attached to this agenda item for reference purposes.
Overall, the Village’s FY2018 liability and property premiums, including Horton's annual service fee and CCMIS's claims handling fee, decreased $55,220 or approximately 6.4%, as compared to FY2017 amounts. With the exception of decreases to property/auto physical damage and the public entity package (general and auto liability, errors/omissions, employment practices and employment benefit), the premiums on all other lines remained relatively the same. The decrease in the property/auto physical damage premium is due to our long history with the carrier, excellent loss history and current market conditions. The decrease in the public entity package premium is due to our minimal loss history, as well as a change in carriers.
The workers compensation premium increased slightly due to an increase in covered payroll, which is consistent with the current marketplace for this type of program.
CCMSI's claims handling fee decreased slightly and the Horton Group's annual service fee will remain the same. Retention amounts (deductibles) on each of the lines remained the same.
Staff recommends that we continue to ulitize the services of The Horton Group for Fiscal Year 2018. Staff will survey the property/liability/workers comp insurance consulting market in 2018 through an RFP or RFQ for the FY2019 renewal and 2019 services.
On November 6, 2017, this item was reviewed by the Finance Committee, recommended for approval and referred to the Village Board of Trustees for consideration.
Financial Impact
The attached documents identify the overall budget impact. The total premium amount for all lines of $736,313, plus the claims hand...
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