Title
FY2008 Liability Insurance Renewal
History
The Horton Group has provided the Village with its renewal premium amounts for Fiscal Year 2008 for our property and liability insurance policies. A summary renewal packet is attached to this agenda item for reference purposes.
In total, the Village’s FY2008 liability premiums are slightly higher than the FY2007 premiums and the deductible/retention amounts have slightly increased for employment practices-related coverage. The slight increase in premiums is in part due to a payroll increase of 4.5%, as well as an increase in the value of the property covered by our insurance policies.
Mr. Michael Gleason from the Horton Group will be present at the Finance Committee meeting to explain the renewal process and answer any questions.
Financial Impact
The attached documents identify the overall budget impact. An amount sufficient to cover payment of all premiums and costs has been included in the FY2008 budget.
Recommended Action/Motion
I move to approve accepting the recommendations from the Horton Group for property, liability and other insurance-related costs effective October 1, 2007;
And
To retain the Horton Group's services for FY2008.