Title
FY2013 Liability Insurance Renewal - Approval
History
The Horton Group has provided the Village with its renewal premium amounts for Fiscal Year 2013 for all property and liability insurance policies, including Excess Worker’s Compensation. A summary renewal packet is attached to this agenda item for reference purposes.
Overall, the Village’s FY2013 liability and property premiums decreased approximately $9,600 as compared to FY2012 premiums. Savings are due to a decrease in the Excess Worker’s Compensation premium of approximately $4,100 and a decrease in Horton’s Annual Service Fee of $5,500. All other premiums remained constant. In addition, retention amounts (deductibles) on each of the lines remained the same, with the exception of Worker’s Compensation; these retention amounts increased from $500,000 to $550,000 for police employees and from $425,000 to $500,000 for all other employees. Although increased, these retention amounts are still below those offered by Safety National to many of their other municipal clients.
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 November 5, 2012, this item was reviewed and approved 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 $857,430, which includes the Horton Group’s annual service fee, will be included in the FY2013 budget.
Recommended Action/Motion
I move to approve the property and liability insurance carriers and premiums, in the amount of $857,430, as presented by the Horton Group.