Title
FY2009 Liability Insurance Renewal - Approval
History
The Horton Group has provided the Village with its renewal premium amounts for Fiscal Year 2009 for all property and liability insurance policies. These premium amounts cover the 15 month period of October 1, 2008 thru December 31, 2009. A summary renewal packet is attached to this agenda item for reference purposes.
Overall, the Village’s FY2009 liability and property premiums decreased approximately 7% as compared to FY2008 premiums. The deductible/retention amounts have remained constant, with the exception of auto liability (decreased from $200,000 to $100,000) and Crime (increased from $5,000 to $10,000). Premium decreases were obtained on a number of the larger policies to offset the Village's growth in payroll and property and inland marine values.
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 August 25, 2008, 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 amount that is included in the FY2009 budget for property and liability insurance premiums and the Horton Group’s annual service fee amounts to $1,262,163.
Recommended Action/Motion
I move to accept the recommendations from the Horton Group for property and liability insurance coverage effective October 1, 2008;
And
To retain the Horton Group's services for FY2009.