Title
Pollution Insurance Renewal
History
The Horton Group conducted an analysis for a Pollution line of insurance coverage for the new underground storage tanks on behalf of the Village. Due to the tank install completion date and the end of the year, the Horton Group approached the incumbent carrier. The Horton Group provided the final recommendation for the 2025 renewal. The renewal premium for the 2025 term (January 1, 2025-January 1, 2026) will result in a premium decrease of $1,640 from the 2024 term.
The Horton Group recommends renewing coverage with Crum & Forster Specialty Insurance Company.
Crum and Forster Specialty Insurance Company has an A++ rating on the A.M. Best Rating which is indicative of a superior (secure) description on the best financial strength ratings chart.
Coverage Limits Increased:
Policy Aggregate: $20,000 to $2,000,000
Each Confirmed Release: $20,000 to $1,000,000
Defense Expense Aggregate: 0 to $1,000,000
Retention: 0 to $5,000
Coverage renewal costs are detailed below for the period beginning January 1, 2025.
Pollution: Expiring - $2,415; Renewal - $775
Financial Impact
The FY2025 budget will have sufficient funds to fully fund the pollution insurance annual premium.
Recommended Action/Motion
I move to approve and authorize the execution of the one (1) year 2025 contract renewal with Crum & Forster Specialty Insurance Company for pollution insurance coverage at a total not-to-exceed cost of $775;
AND
Authorize the Village Manager to execute all related contracts, subject to Village Attorney review.